5.B. DISCUSSION ON SETTING FORTH A POLICY REGARDING THE USE OF THE ELLIS ACT ON CITY OWNED PROPERTIES OR PROPERTIES ACQUIRED WITH CITY FUNDS [L. LANGER, L. BIERY, B. LEAGUE, A. BARTLE]: SUBJECT: The City Council directed staff to develop a City policy restricting the City from utilizing the Ellis Act to remove units from the housing market in residential properties acquired by the City, thereby displacing tenants. At City Council's November 20, 2023 meeting Councilmembers expressed concerns with staff's initial policy recommendation and requested additional recommendations for City Council's consideration and direction.