The San Francisco Supervisors in a 7/4 vote (Breed, Farrell, Tang, Wiener opposing) approved groundbreaking legislation from Supervisor David Campos which will stop the speculators from using buyouts to get around prohibitions on condo conversions and other tenant protections. Mayor Lee declined to veto the legislation.
•Requires buyouts which are used to avoid the restrictions of evictions to be filed and registered with the San Francisco Rent Board.
•Imposes similar condo conversion prohibitions as for no-fault evictions when a tenant has vacated under a buyout agreement after October 31, 2014.
•Requires landlords to notify tenants of their rights (in a form developed by the Rent Board) prior to negotiating a buyout.
•Gives tenants the right to rescind a buyout for 45 days after signing the agreement.
