No application for a condominium conversion project may be filed unless and until each of the following requirements are met:
(A) The requirements of the State Subdivision Map Act and Title 16 of this code have been met;
(B) A conditional use permit is being applied for pursuant to the provisions of this code;
(C) The vacancy rate for apartments in the city is greater than 5%; and
(D) The multiple-family rental housing proposed to be converted has had a city occupancy permit as rental property for at least two years prior to the date the application was submitted.
(`78 Code, § 17.83.040.) (Ord. 1589 § 1 (part), 1981.)