The Richmond City Council is considering a new policy to regulate tenant buy-out agreements, commonly known as “cash for keys” deals, where landlords pay renters to vacate units voluntarily. The new policy is set to be considered by the Council Tuesday, Nov. 4.
Under rules proposed, Landlords would have to notify tenants of their rights before buy-out talks, pay at least the city’s permanent relocation standard, and offer a 45-day window to cancel any agreement. A public database would track buy-out trends by neighborhood, while preserving tenant privacy. The Richmond Rent Board unanimously backed the policy in July in what advocates say would become one of the strongest protections in the Bay Area.
Supporters argue the changes are needed to protect seniors, immigrant families and low-income households from being coerced into signing away rights under the city’s fair rent, just-cause eviction and relocation ordinances. Without oversight, landlords could bypass standard eviction protocols and leap-frog rent control by converting units to market rate via voluntary buy-outs.
Critics say this policy adds burdonsome regulations that could discourage landlords from offering buyouts that tenants actually want.
If the council gives initial approval, city attorneys and Rent Program staff will draft a formal ordinance and begin outreach with tenants, landlords and advocacy organizations before bringing a finalized version back for vote.
The proposal is modeled after similar frameworks adopted in cities such as Berkeley, Oakland, San Francisco and Los Angeles.
For more information on the proposed policy, read through Tuesday’s agenda documents.
