IREM Global Summit | Chicago | October 10-13

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Is Pot the New Pets?

July 13, 2017 | Donald Davidoff via Multi-Housing News

This article was originally published on Multi-Housing News Online and is republished here with permission.

I was meeting with a client of mine who has communities in California, and they shared a letter they were sending their residents. The letter was informing residents that, while California had passed a recreational marijuana initiative, the law gave apartment owners the right to declare their property to be marijuana free. The letter went on to inform residents that this company was exercising that right and that any use of marijuana in their apartments would be a violation of their lease and could result in eviction.

As a resident of Colorado (one of the earliest states to approve recreational use in homes) and a demand management modeler, this got me thinking. I wasn’t surprised that my client exercised their right; in fact, I expect that virtually all professionally managed communities will do or have done so already.

But is that really the right business answer?

[Read the rest of the article on Multi-Housing News.]

If you are interested in issues surrounding legalized marijuana and commercial real estate, do not miss the IREM Live Webinar, Into the Weeds: Commercial Real Estate and Legalized Marijuana, on July 18, 2017 at 2:00 pm CT.

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