In order to reduce the effect of conversions on the city's housing supply and to minimize the displacement of tenants, the number of residential condominium conversion projects is limited as follows:
(A) The current vacancy rate for rental units within the city is not less than 2.45%, as determined by the most recent Community Development Department survey, State of California Department of Finance or other reliable vacancy rate data acceptable to the city; or
(B) That mitigating circumstances exist which justify approval of the condominium conversion when the vacancy rate is lower than 2.45%. Consideration of mitigating circumstances must, at a minimum, include that new rental units are to be constructed which will replace those to be converted. The number of replacement units will equal or exceed the number of units proposed to be converted. Replacement units will be completed and occupancy permits issued before approval of the final map for the conversion; or that the conversion will help meet other city housing goals by providing a substantial percentage of its units at affordable prices and the provision of such housing opportunities outweighs any loss of rental units.
(Ord. 1169, passed 2-5-07)