San Francisco Ordinance Requires Property Owners to Make Lifetime Rental Offer to Tenants — for Real

San Francisco Ordinance Requires Property Owners to Make Lifetime Rental Offer to Tenants — for Real

"So...you come across an investment opportunity in a cosmopolitan city in another state — a six-unit apartment building where you can purchase a co-ownership interest with a plan to move into that building when you retire. 

The purchase agreement includes a provision that the co-owners will convert the six-unit building into separately owned condominium units by a specified date, and you and your spouse will obtain the right to own and occupy one of those condominium units.

...After purchasing your interest, but before the date comes for the condominium conversion, the City Council in this cosmopolitan city amends its condo conversion ordinance, and now requires that a property owner converting a rental apartment to a condominium must offer a lifetime lease to the current resident of the unit being converted.

• Just like that, the renter of your soon-to-be-condo has a legal right to live in your retirement home for the duration of his life which might be longer than your lifetime.

...But, one lesson you might take from this is that if you are living in Dayton, Ohio, look for someplace other than San Francisco to invest in a retirement condo — that is if you want to actually live in your retirement condo...Read all.