Existing tenants hold certain rights during a condo conversion. These tenant’s rights include:
- All tenants are to be notified of their rights prior to the owner filing a lottery conversion application.
- All tenants are to be offered an option to purchase their unit post conversion at a price determined by the owner.
- Tenants who don’t purchase their units receive rent control lease arrangements for 1 year. (after this 1 year period, renters may be subject to an owner move in eviction if the unit is sold)
- Seniors and disabled persons receive lifetime rent control.