BALTIMORE — Renters in Baltimore are getting a better shot at becoming homeowners, thanks to a bill sponsored by Councilwoman Odette Ramos.
The bill was championed by former Baltimore City Council President Mary Pat Clarke.
"This is so important to so many people," said Clarke.
The bill requires landlords planning on selling a property to offer it to the renter before listing it on the open market.
"The tenant has 14 days to sign a letter of intent saying they do want to move forward with the purchase, then they will go through the contract process," said Councilwoman Ramos.
The bill even has protections for the renter if a landlord sets the price way too high to avoid going through this process and can't get that price on the open market.
If the purchase price drops by more than 10 percent the landlord has to give the tenant another chance to buy the home.
"There was an exemption put in that if a landlord put it on the market they wouldn't have to follow this. So we took that out. You have to follow these and we did work with all parties to make sure this was going to work," said Ramos.
The majority of homes in Baltimore are rented.
According to the 2020 census data, only 48% are owner occupied, nearly 20% less than the national average.
Baltimore homeowners spend more a month than the average renter in the city according to the census, though owning a home is considered one of the best ways to build wealth by Habitat for Humanity.
"I want every resident in Baltimore to have the tools in place to buy a lasting place to call home," said Baltimore Mayor Brandon Scott.
The bill won't go into effect for another six months.
