New Rules for Deconversion of Condos to Rental

Amendment to Municipal Code Concerning Sale of Condominium property (SO2019-5753)This ordinance raised the size of the majority needed by a condominium board to vote for the sale of all the building’s units. Currently 75% of a condominium’s voting power is the threshold needed to successfully vote for the sale of all units This ordinance will raise that threshold to 85%, making it harder for real estate investors to purchase a large stake in a building and begin a building deconversion.
Amendment of Municipal Code to prohibit predatory tactics by residential real estate developers (O2019-5568)This ordinance, co-sponsored by Alderman King, will prohibit real estate developers from engaging in predatory tactics to per-suade, pressure, harass or otherwise coerce any homeowner to sell their property. This would be defined as multiple repeated and unsolicited attempts within a 180-day period to contact a homeowner when a homeowner has affirmatively requested the developer or their agent to refrain from such activity.