Why should we exercise our right of first refusal?

1. Competition. Through a competitive bidding process, the tenants have leverage and can negotiate with bidders to tailor an agreement that is of mutual benefit to the bidder and the tenants.
2. Value: If the building is sold and the units are converted into condos, the tenant may be offered a lump-sum to move out of the apartment unit. Likewise, if the new owner wishes to increase the price of rent substantially, he/she might offer a tenant a lump-sum to vacate the unit so they can renovate the unit and charge more to the next renter.
3. Opportunity: Only by exercising our right of first refusal will the tenants have leverage with the buyers. By having a seat at the table, we have an opportunity to negotiate a contract that represents tenants’ best interests.
4. Fairness: The District’s tenant laws level the playing field between the tenants and major corporations that control many of the city’s largest residential buildings. Corporations and individuals do not always have mutual interests and the District’s tenant laws empower the people to legally represent their interests.

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