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Restrictions on Condo Conversions Tightened by San Diego City Council |
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Written by Mabelle
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Thursday, 15 June 2006 |
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On Tuesday, the City Council approved a series of regulations that will impose tighter restrictions on developers looking to convert rental apartments into for-sale condominiums in San Diego.
Councilwoman Toni Atkins announced while she supports opportunities for homeownership, the number of units being converted into condominiums in the city has created hardships by displacing renters. Council members Jim Madaffer, Brian Maienschein and Kevin Faulconer voted against the regulation requiring affordable housing. However, there were a number of speakers who disagreed. They argued that the regulations do not go far enough to protect low-income residents and senior citizens. The City Council approved an ordinance last January that requires developers to fully disclose a building's condition to prospective condominium conversion buyers in advance of any sale. The law also requires developers to make certain plumbing, electrical and roof upgrades in condominium conversion projects. By M. Sese http://realestatepress.org |