The Text of Proposition 1-2-3

The city of Cambridge, in exercise of its powers under Section 6 of the Home Rule Amendment and under Sections 2 and 5 (c) of Chapter 36 of the Acts of 1976 (the "Rent Control Act") hereby AMENDS its ordinances to provide as follows, notwithstanding any provision of any other city ordinance to the contrary:

Section 1. Any tenant who has occupied a controlled rental unit for a period of at least two years shall be entitled to purchase and occupy his or her unit as a condominium unit owner, if tenant and landlord both so agree.

Section 2. Any owner who has occupied a single family house or a condominium unit for his or her own use for a period of at least two years shall be deemed exempt from Rent Control (and said single family house or condominium unit shall not be deemed a controlled rental unit under the Rent Control Act) with respect to any subsequent rental by the owner or his or her family, heirs or estate.

Section 3. Two-thirds of all the additional real estate tax revenues which may be derived from increased property values and increased tax valuations (resulting from removal from Rent Control restrictions under the foregoing Sections) shall be allocated by the City for (a) rent subsidies for tenants in existing rental housing, and (b) the production of new rental housing. The benefits allocated under this Section shall be distributed to applicants based upon demonstrated financial need, with preference given to long-time-resident, elderly or homeless citizens of the city of Cambridge, of low or moderate income.

The provisions of this ordinance shall be severable in all respects. The City Council shall, in the form of a home rule petition if required, request the state legislature to enact all measures necessary or convenient for implementing these provisions.