Opportunities to build or purchase owner-occupied dwelling units in the city are limited. Specifically, the majority of dwelling units in the city are multifamily rental units. In addition, the lack of vacant land in the city leaves little opportunity for the construction of additional owner-occupied units. Given these circumstances, the conversion of existing multifamily rental units to condominium units is a unique and creative way to increase opportunities for home ownership.
The benefits of increasing home ownership opportunities through the conversion of multifamily rental units to condominium units are numerous. Units converted to condominiums are more affordable than newly constructed condominium units. Homeowners are motivated to improve and maintain their investment while there is generally little incentive for renters to do so. Homeowners tend to be less transient than renters and are more likely to participate in community activities and neighborhood programs. The results of these benefits are that neighborhoods should experience less crime and less of a burden will be placed on city services.
The development standards, as well as goals and guidelines contained within this chapter shall be used as criteria in the review and approval of multifamily conversion applications.
(Ord. 875-00 § 7; Ord. 959-05 § 12)