Supervisors advance ordinance giving nonprofits first right to buy multifamily buildings to preserve affordability

The San Francisco Board of Supervisors on April 16 advanced on first reading an ordinance that would give specified nonprofit organizations a first right to purchase multifamily residential buildings offered for sale, a policy the ordinance’s supporters said is intended to preserve rent‑restricted housing and curb speculative sales.

Sponsor remarks framed the ordinance as an anti‑displacement tool. Supervisor Feuer, who led the discussion after requesting the opportunity to rescind and re‑take the vote so she could speak, said the measure will “provide affordable housing nonprofits with a critical tool to stop the bleeding by purchasing multifamily buildings from landlords looking to sell and preserving them as permanently affordable housing.” She noted that the Board had secured about $40,000,000 for small sites acquisitions and said she plans to propose additional funding measures in future legislation.

Other supervisors expressed support, describing the ordinance as a chance to stabilize rent‑controlled buildings and allow trusted community‑based nonprofits to own and manage small and medium‑sized buildings and single‑room occupancy hotels. Supporters said the ordinance does not itself create an acquisition funding stream but creates an acquisition tool the city can use in tandem with existing and future funds.

Procedural note: the clerk recorded a rescission and re‑vote so Supervisor Feuer could make brief remarks before the measure was advanced on first reading. The board recorded unanimous support at first reading.

Implementation: the ordinance assigns selection and enforcement procedures to the mayor’s housing office and authorizes exemptions to transfer taxes for properties preserved as rent‑restricted affordable housing. Details on eligibility, nonprofit selection criteria and funding will be developed by the Mayor’s Office of Housing and Community Development (MOHCD) and implementing departments.

Quote “COCOA will provide affordable housing non profits with a critical tool to stop the bleeding by purchasing multifamily buildings from landlords looking to sell and preserving them as permanently affordable housing,” Supervisor Feuer said on the record.

Why it matters Supporters said the measure aims to prevent displacement by removing buildings from speculative markets and preserving housing stock as permanently affordable; opponents or concerns (none recorded on the floor) would be expected to focus on implementation details, tax impacts and selection procedures once MOHCD develops implementing rules.