The purpose of this article is to establish criteria, standards and procedures for the construction of new condominium projects, or conversion of existing residential buildings to condominiums, consistent with the following objectives:
A. To make adequate provision for the housing needs of all economic segments of the community;
B. To provide for inhabitant ownership of residential units, while recognizing the need for maintaining adequate rental housing inventories;
C. To provide a reasonable balance of rental and ownership housing;
D. To inform prospective conversion buyers regarding the physical conditions of the structure offered for sale. (Ord. 2470 § 2, 2001: Ord. 1000 § 52.10(G), 1955)