The city council finds that the existing stock of rental housing provides the majority of housing opportunities for lower and moderate income households, and that reduction of this stock is incompatible with the goals expressed in the housing element of the general plan. The city council also finds that the conversion of rental units to condominiums, stock cooperatives and community apartment projects often results in the displacement of lower and moderate income households and that the mitigation of such action is desirable and consistent with the goals expressed in the housing element of the general plan. The city council also finds that conversions of residential, commercial and industrial rental units to ownership units shall not be approved unless such conversions are found to be consistent with the general plan of the city and in compliance with all applicable provisions of this code.
(Ord. 885 § 2, 1982)