Wednesday, July 11, 2012

Possible Oakland Law Discourages Investment

The Oakland City Council is considering a bill that would put new regulations and fees on the purchase of residential investment property.  Proponents of the measure acknowledge it is meant to place controls on who can invest and how much they can invest in Oakland.

It’s called Non-Owner Occupied Residential Building Registration, and it would require owners to register each residential building with the City which is not occupied by the owner and pay substantial fees to be determined by the City.

The registration requirement will include providing a written Property Report in an approved format to the City by an approved local individual or firm.  The report will include an interior and exterior inspection of the premises attesting to the conditions of the property including readily apparent violations of various City codes.

The failure of an owner to comply with the provisions of these new requirements will receive violation notices for each building immediately subject to abatement actions and fees, assessment of penalties and fines, and collection actions. Each and every day a violation of any provision of this proposed law exists would constitute a separate and distinct offense.  The penalties in this new law are in addition to and do not supersede or limit any other remedies, whether civil or criminal, including demolition or receivership by the City.

 The matter was heard yesterday by the Community & Economic Committee.  Many objections were raised and further consideration of the ordinance was postponed to September.

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