Board committee advances ordinance to regulate tenant buyouts after extended public testimony

A San Francisco Board of Supervisors Budget & Finance Committee on Oct. 8 advanced an ordinance aimed at regulating landlord "buyouts" — monetary offers to tenants to vacate — requiring disclosures, written contracts and limited rescission rights.

Sponsor Supervisor Campos told the committee the proposal targets a growing, under-the-radar form of displacement. "Buyouts are a loophole in our just cause eviction law," Campos said, and the ordinance would "require landlords to provide tenants with a disclosure of the tenants rights both before the landlord commences buyout negotiations and at the time that the buyout agreement is reduced to writing." Campos also said the bill "allows a tenant the ability to rescind a buyout agreement for up to 45 days after he or she signs an agreement." The measure would require buyout agreements to be…