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53 <br /> <br />Strategy 4: Additional Options from the Working Group <br />existing residents an opportunity to purchase a unit. The <br />City has such an ordinance in place. <br /> <br />This program does not increase the supply of housing. <br />47: Create tools that require residency for <br />housing, to incentivize home <br />ownership over investor-acquisition of <br />housing units. <br /> Since the 2008 recession, many of the houses that went <br />into foreclosure were purchased by investors and then <br />rented out. Some investors are able to outbid <br />homebuyers, making it difficult for households to <br />purchase homes. While there are ways to incentivize <br />this, there are no legal mechanisms to require it. <br />48. Preserve “naturally occurring” <br />affordable housing. <br /> There is no legal mechanism to do this. If a home- <br />owner wants to fix-up or even “flip” a run-down home, <br />the city cannot realistically stop this. <br />49. Create transitional zone as a buffer <br />between commercial and residential <br /> <br /> <br />December 12, 2018, Work Session - Item 2