With multifamily investment sales surging, San Diego is moving to preserve thousands of rent-restricted apartments with a new law governing how they can be sold.
The City Council has unanimously approved a new law that forces owners of most apartment buildings with subsidized units for low-income and moderate-income residents to notify the city and housing developers if they decide to sell.
Developers approved by the city will now get the right to make a first offer on a project, and, if the owner chooses a different buyer, city-approved developers will get a chance to outbid that buyer, the San Diego Union-Tribune reported.
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