That the City Manager is requested to confer with the appropriate City departments to ensure multi-family properties on the market are reviewed as quickly as possible as potential affordable housing acquisitions. CHARTER RIGHT EXERCISED BY COUNCILLOR SIMMONS IN COUNCIL MARCH 6, 2023

WHEREAS: The City of Cambridge has demonstrated commitment to providing high quality, affordable housing for residents; and WHEREAS: The City Council has urged the city to consider any available properties, and explore opportunities to purchase properties that might be used for affordable housing, and leading to assurances that all future opportunities would be considered; and WHEREAS: Opportunities have been lost in the past, including two properties identified last year with potential that were not purchased; and WHEREAS: The City Council is on record asking that more affordable housing units the city develops should include home ownership opportunities, which are a necessity to ensure that all residents have the opportunity to build wealth and have a place to call their own; and WHEREAS: Multi-family properties that would make excellent candidates for homeownership opportunity are on the market currently -- for example on the market now is a 13 unit building for $7.7 million, and a building with 6 residential units and 3 retail units for $5.4 million; and WHEREAS: The per unit price in the listing prices of these two examples of about $600K/unit is below many recent affordable housing projects which have been as high as $900K/unit; and WHEREAS: If purchased by the City, these properties could expand access to affordable housing, and likely homeownership for residents and possibly add community space on the ground floor; now therefore be it ORDERED: That the City Manager be and hereby is requested to confer with the appropriate City departments to ensure multi-family properties on the market are reviewed as quickly as possible as potential affordable housing acquisitions; and be it further ORDERED: That the City Manager be and hereby is requested to report back to the City Council in a timely manner.