Condo conversions now face tougher regulations
Wednesday, January 25, 2006
New regulations on San Diego's booming condo conversion market are only a first step toward protecting consumers. But a San Diego community group says the new administration at city hall is finally listening to their concerns that condo conversions are eating away at the supply of affordable rentals. KPBS reporter Alison St John has more.
San Diego mayor Jerry Sanders says he'll sign new regulations passed by the city council to protect people buying condo conversions, and the renters displaced by them. The changes are minimal, but, Martin Akinfosile, co chair of the San Diego Organizing Project, says at least the community groups affected by condo conversions now have a place at the table.
Akinfosile: "We've had to fight to get to the table, it was, you know, inside deals and that our families and communities are represented at the table was a great victory for us, but we have to keep it up."
Still under discussion are possible changes that would require developers to set aside some of their condos for sale to moderate income families.
However, Mayor Jerry Sanders says he is more in favor of incentives for developers to build more affordable apartment rentals. Alison St John, KPBS news.
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