A.
The Town of Lexington finds and declares that a serious public emergency exists with respect to adequate housing for a substantial number of its citizens due to the critical shortage of rental and affordable housing within the Town. This shortage has been created and exacerbated by the lack of sufficient new rental housing production, by increases in financing and construction costs, and by increases in the cost of real estate, substantially exceeding increases in personal income. The emergency has also been created and severely aggravated by the proposed conversion of rental housing into condominiums or cooperatives; over 45% of Lexington's apartment rental housing stock has been or is about to be converted into condominiums. Without sufficient new rental production, such conversion necessarily reduces the rental housing stock otherwise available. An increasing shortage of rental housing accommodations, especially for the elderly, the handicapped, single parent households, and persons and families of low and moderate income, has been and will continue to result from this emergency. Furthermore, there is an acute shortage of housing for low and moderate income families, and the Town does not have sufficient such housing units to prevent the application of the provisions of General Laws Chapter 40B to it. Unless the available stock of rental housing (and those who reside therein) receive more protection than the law now affords, from the conversion of said housing accommodations to condominiums and cooperatives, the rental housing shortage will generate serious threats to the public health, safety and general welfare of the citizens of the Town of Lexington, particularly to the elderly, handicapped, and persons and families of low and moderate income, as defined in Chapter 527 of the Acts of 1983 and in the Housing Element Comprehensive Plan of the Town of Lexington.
B.
Therefore, in order to address this emergency and to continue to provide a sufficient supply of decent and affordable rental housing in the Town of Lexington, it is necessary that the Town of Lexington, in the exercise of its powers under Chapter 527 of the Acts of 1983 and the Home Rule Amendment of the Constitution of the Commonwealth, further regulate the conversion of rental housing into condominiums and cooperatives.