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Montgomery County weighs new bill that would give tenants right to buy rental properties first
If a landlord in Montgomery County decides to sell a rental property, should tenants get to buy it before anyone else? That’s an idea Montgomery County officials considered in a hearing Monday. FOX 5's Tom Fitzgerald has the story.
MONTGOMERY COUNTY, Md. - If a landlord in Montgomery County decides to sell a rental property, should tenants get to buy it before anyone else? That’s an idea Montgomery County officials considered in a hearing Monday.
A new bill #38-23, called the Right of First Refusal to Buy Rental Housing legislation, would do two things: if the owner of an apartment building wants to sell, Montgomery County could get first refusal on the property, and it would make it easier for tenants to buy a building themselves.
Council president Andrew Friedson says that under the current law, the county has to lay out millions of dollars to buy a building, then sell it to a non-profit group or tenants.
READ MORE: Montgomery County leaders take action to keep housing affordable
But as affordable housing is top of mind in Montgomery County, supporters say this bill could help meet demand.
"We want to address preservation with all the tools that we can and make sure that we’re doing so in a thoughtful way that puts the county and our non-profit partners in the best position possible without causing overly burdensome and unnecessary disruption in a fragile housing market," said Friedson.