L.A. explores options to let tenants purchase buildings [Video]

The Los Angeles City Council unanimously approved a motion Friday to create a policy that would give tenants the option to purchase their buildings, helping to maintain affordable rents.

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In the next 60 days, relative departments will report on a framework for what are known as Tenant Opportunity to Purchase Act and a Community Opportunity to Purchase Act policies.

The City Council voted 12-0 Friday to approve the motion. Councilman Curren Price and Paul Krekorian recused themselves as they are landlords, while Councilman Kevin de León was absent during the vote.

According to Councilwoman Nithya Raman, who championed the motion, seconded by her colleague Hugo Soto-Martinez, the policy would help preserve the city’s affordable housing stock, much of which is at-risk of due to expiring covenants and market pressures.

She noted that almost 6,000 units’ covenants are …