The San Diego City Council has adopted new regulations aimed at preserving affordable housing developments by giving qualified buyers first right of refusal when properties with deed restrictions are sold. The ordinance addresses the loss of affordable units as deed restrictions expire, allowing owners to raise rents to market rates.
A"for sale" sign in front of a condo in the Golden Hill neighborhood of San Diego, Calif. Dec. 7, 2022.
The regulations are aimed at preserving properties with deed restrictions that limit rents to affordable levels. When owners wish to sell such properties, they'll have to offer first right of refusal to a list of qualified buyers who build and maintain affordable housing.from the San Diego Housing Commission in 2020 found 4,200 affordable housing properties with deed restrictions that were set to expire by 2040.
Proponents said the ordinance closes a loophole in state law, which already mandates certain notifications to the affordable housing industry as deed restrictions near their expiration date. The local ordinance goes further by requiring those notifications as soon as the property owner intends to sell, even if there are decades left on the deed restriction.
AFFORDABLE HOUSING DEED RESTRICTIONS REAL ESTATE SAN DIEGO HOUSING POLICY
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