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“Affordable Home-Ownership” TORCA 2.0 by Peter Borrensten

10/07/2023 11:56 AM | Margaret Fulton (Administrator)

It is admitted there were flaws in the original TORCA which the Santa Monica Housing Commission’s proposed ‘TORCA 2.0’ is explicitly designed to fix. TORCA 2.0 will allow non-profits to buy rent control buildings that are offered for sale, and will then offer to sell to tenants the units they are renting, at prices affordable to even the lowest incomes. And renters can choose to buy without timelimits, at any time in the future. Renters who do not wish to buy can continue renting under rent-control and will then be permanently protected from Ellis or owner-movein evictions. 

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