10-1.705 Effect of Proposed Conversion on the City's Low- and Moderate-Income Housing Supply.

In order to reduce the effect of conversions on the City's housing supply and to minimize the displacement of tenants, the number of conversions shall be limited to no more than 5% of the City's potentially convertible rental stock in any one calendar year. Conversion applications will be processed in the order that completed applications are submitted. A proposed project that is larger than the permitted number of units in a given year, if approved, will be considered to have used the permitted number for as many future years as necessary.

The potentially convertible rental stock will be defined as follows: the number of rental units in buildings of two or more units, as determined by the most recent census, plus any new rental units constructed since the census,

minus any units which have received tentative map approval to convert since the census.

Once the yearly limit has been reached, a project may be approved for conversion only if the Planning Commission makes one or more of the following findings:

1. The developer will provide for a significant increase in housing for low-and-moderate income households or senior citizen households over and above the provisions of this article.

2. The developer will provide for the construction of new rental housing.

3. The developer will donate an acceptable site or an acceptable amount of funds to the City for construction of new rental or senior citizen housing.

4. The need and demand for low cost homeownership to be provided for by this project will outweigh the detriment caused by further reduction of the rental stock. (§1, Ord. 1530, eff. April 22, 1982)