Seeing signs of speculation, city leaders want to spend millions to buy apartment buildings

Legislators, activists and tenants are worried about real estate investors buying multi-unit housing properties only to evict all of the tenants and sell the buildings for a profit. They’re calling for an end to the state law that makes this possible, the Ellis Act. In the meantime, they want the city and the nonprofits it works with to buy those buildings instead of leaving them for speculators to snap up.