L.A. County to Study a Tenant Opportunity to Purchase Act (TOPA)
Housing Providers Will Get a Seat at the Table
On Tuesday, August 10th at the Los Angeles County Board of Supervisors meeting, Board Supervisors directed County Staff “to work with local, community-based, mission-driven entities, housing providers, real estate professionals and other relevant stakeholders to review best practices and lessons learned to develop recommendations for a TOPA policy.” The Board is seeking a report back in 90 days.
The initial motion specifically called for County Staff to work with local advocates that were supportive of and had developed a local TOPA proposal. In a letter to the Board of Supervisors and related discussions, the Association urged the Board to recognize the importance of engaging with all impacted stakeholders and to include housing providers at every stage of the process. Due to our advocacy efforts, housing providers will have an opportunity to provide meaningful insight into TOPA policies and the negative consequences of such policies.
To read the revised motion, please click on the button below:
The Association is opposed to TOPA policies. Generally, TOPA policies provide renters and non-profit organizations with the exclusive opportunity, a first right, to make an offer on a property prior to the owner listing the property for sale on the open market. While the owner may reject the offer and accept an offer from a third-party, the renter and entities afforded the first right of purchase are also granted a right to match the third-party offer. TOPA policies delay property sales, have the potential to reduce property values, and may even prevent an owner from selling their property to a family member at a reduced price.
AAGLA will continue to monitor the progression of this matter, engage with the County in advocating for our members interests and provide updates as this issue evolves.