Post by Logan on May 11, 2017 6:16:23 GMT -6
Some D.C. Renters Make Tens of Thousands of Dollars Exploiting Decades-Old Law
Some D.C. renters are holding homes hostage for high-dollar payouts and blocking sales by exploiting a decades-old law, the News4 I-Team learned.
If you live in a rental that's going up for sale, you can get a piece of the profit.
"I would estimate it's essentially about a $100 million a year industry," said attorney Andrew McGuire, who has converted his entire law practice to have only tenants as clients.
The law was designed to keep longtime renters from being forced out of gentrifying neighborhoods or to help them afford a new lease in a different building. It basically gives the renters the first right to buy the place where they rent when it goes up for sale.
Read more: www.nbcwashington.com/investigations/Some-DC-Renters-Make-Tens-of-Thousands-of-Dollars-Exploiting-Decades-Old-Law-421942054.html
Some D.C. renters are holding homes hostage for high-dollar payouts and blocking sales by exploiting a decades-old law, the News4 I-Team learned.
If you live in a rental that's going up for sale, you can get a piece of the profit.
"I would estimate it's essentially about a $100 million a year industry," said attorney Andrew McGuire, who has converted his entire law practice to have only tenants as clients.
The law was designed to keep longtime renters from being forced out of gentrifying neighborhoods or to help them afford a new lease in a different building. It basically gives the renters the first right to buy the place where they rent when it goes up for sale.
Read more: www.nbcwashington.com/investigations/Some-DC-Renters-Make-Tens-of-Thousands-of-Dollars-Exploiting-Decades-Old-Law-421942054.html