Won’t work if I’m reading the legal code correctly.
A “bargain basement rent” would likely fall afoul of the “bona fide lease” definition at the bottom of that section of code. If it’s substantially less than fair market value, it won’t fly legally.
And, even if it did fly, section 2(A) in the legalese above gives the new owner the right to terminate the lease subject to giving the tenants a 90 day notice IF they are planning on occupying the property as a primary residence. So this really would only be a “poison pill” to an investor who was planning on renting the property out.
