26.65.010 PURPOSE.

The conversion of residential, commercial and industrial structures from single person or entity ownership to condominiums, stock cooperatives, or community apartments with multiple ownership interests creates special community problems, both social and economic. Given the relative lack of rental construction over the past eight years, conversions may significantly affect the balance between rental and ownership housing within the City (which may affect future economic growth); reduce the variety of individual choices of tenure, type, price, and, location of housing; increase overall rents; decrease the supply of rental housing for low and moderate income persons and families; and disregard the needs of the prevailing consumer market. The purpose of this chapter is to provide guidelines to evaluate those problems, the impact any conversion application may have on the community and to establish requirements which shall be included in any conversion approval.