City Council votes to change condo conversion regulations
Tuesday, June 13, 2006
Condo units will be required to provide minimum parking spaces, though some exemptions will be allowed. And condo conversions with more than 20 units will be required to build affordable housing as part of the project.
Jim Waring, deputy chief of Land Use, says the mayor hopes the compromise will increase the stock of affordable housing, while compensating displaced renters.
Waring: "There are some who will say to you that conversions should be banned or heavily regulated, we believe they are mistaken because if done properly conversions can turn quality rental properties into relatively affordable homeownership opportunities."
The new rules mean older apartments built before 1970 are less likely to meet the conversion requirements and more likely to remain rentals.
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