(1) (a) For a period of eighteen (18) months, no individual, partnership, association, corporation or other entity owning, operating or managing a multiple occupancy dwelling, any part of which is located in the City of Philadelphia, intending to convert any such existing multiple occupancy dwelling to a condominium or condominiums shall file a Declaration of Condominium, Declaration Plan or Code of Regulations with the Department of Records of the City of Philadelphia or any other agency of the City of Philadelphia, and neither shall the Department of Records of the City of Philadelphia nor any other agency of the City of Philadelphia accept any Declaration of Condominium, Declaration Plan or Code of Regulations calling for the conversion of an existing multiple occupancy dwelling to a condominium or condominiums for a period of eighteen (18) months.
(b) For a period of eighteen (18) months to run concurrently with the eighteen (18) month period referred to in subsection (1)(a) of this Section, no notice, pursuant to subsection 9-1204(1)(a), shall be sent.
(c) The Commission shall be empowered to seek injunctive relief to enforce this Section.
(2) During this period, the City Planning Commission shall undertake, utilizing the powers granted by this Chapter, a comprehensive and detailed study of the process and effect of condominium conversions. The purpose of such study shall be to formulate proposals for legislation to protect purchasers and tenants, to accommodate the interests of owners interested in converting rental properties to condominiums, and to develop a comprehensive plan for facilitating an orderly process of condominium conversions and a balance between rental and condominium housing stock.