Condo Conversion Blocked for Year
city will not allow conversions of multifamily rental units to condominiums for the next year, based on a rental survey adopted by the City Council recently.
The annual survey conducted in April by the Planning Department shows a 3.53% citywide rental vacancy rate. According to the city’s condominium conversion ordinance, there must be a 4% vacancy rate for the council to consider conversion applications. The ordinance was designed to preserve rental units in the city, officials said.
Since the conversion ordinance was adopted three years ago, the annual vacancy rate has been below 4% every year, said Harlan J. Curwick, city planning director. Last year the rate was 3.4%.
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