SAY YES to homeowners and renters.
Tell the City Council to SAY NO TO COPA
San Jose would allow nonprofits “first rights”to purchase housing before anyone else – including local residents or “mom-and-pop”investors. The Council must say NO to COPA because:
COPA is a violation of private property rights. Property owners would be forced to give nonprofits the opportunity to match a competing offer, stretching out the timeline for months.
COPA will use heavy-handed enforcement measures that could hit property owners – including mom-and-pop housing providers–with penalties such as lofty fines and legal action costing tens of thousands of dollars.
Multifamily investors may decide COPA is simply not worth the trouble and avoid San Jose to invest in other, less-restrictive cities – potentially impacting real estate values.
Click the button below to tell the San Jose City Council to Stand Up for Housing Providers and Renters
COPA IN SAN JOSE?
UNFAIR and UNACCEPTABLE
Under COPA, owners of duplexes up to multi-unit apartments are forced to sell in a 140-day timeline for five units and up (100 days for two to four units) so nonprofits have time to make an offer. Sellers risk losing motivated for-profit buyers.
Sellers who violate COPA can be sued for attorney fees and possibly civil monetary penalties that could run into the thousands of dollars.
This policy has been ineffective in other cities...wasting staff time and taxpayer money that should be focused on other affordable housing efforts!