Word: rent-controlled
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Under common mortgage-lending standards, people can pay three times their salary for a home price. $70,000 is three times a salary of $23,333, which is below the median income for rent-control tenants. So Proposition I really does provide a choice of affordable homeownership...
More importantly, city residents will vote this year on Proposition 1-2-3, a binding ballot referendum that would fundamentally change the system by allowing some rent-control tenants to purchase their apartments after living in them for at least two years...
More importantly, city residents will vote this year on Proposition 1-2-3, a binding ballot referendum that would fundamentally change the system by allowing some rent-control tenants to purchase their apartments after living in them for at least two years...
...them as condominiums--thus reducing the city's stock of affordable housing. Sponsors of 1-2-3 argue that the referendum would benefit the city by allowing more city residents to own their own homes, but opponents charge that such a change would deal a death-blow to the rent-control system...
...City Council orders the preparation of a home-rule petition backed by some owners of rent-controlled buildings to decontrol certain apartments as they become vacant. Small property owners in the city say the move will give them protection from wealthier tenants, but rent-control activists say the move would, if passed, cripple the city's affordable housing supply...