Condominium ownership of property creates a unique distribution and/or aggregation of property rights and responsibilities among a number of persons which rights and responsibilities are not inherent in other types of property ownership, with particular effect on master plan concepts, elements of the general plan, and other related considerations. Therefore, it is the purpose of this chapter:
A.
To insure a reasonable balance of rental and ownership housing in the city and a variety of individual choices of tenure, type, price and location of housing and at the same time provide an additional mode of property ownership;
B.
To maintain the supply of rental housing for low and moderate-income persons and families and to provide an additional mode of property ownership;
C.
To reduce and avoid the displacement of long-term residents, particularly senior citizens and families with school-age children, who may be required to move from the community due to a shortage of replacement rental housing;
D.
To encourage quality development which will not contribute to the deterioration of the neighborhood;
E.
To encourage a development pattern based upon good land planning principles;
F.
To insure that the conversion of existing developments to condominium ownership be consistent with the protection of the health, safety and general welfare of the future occupants of the condominium;
G.
The council finds that the conversion of existing apartment buildings into condominiums diminishes the supply of rental housing and displaces residents and will tend to require them to move outside the city when a housing shortage exists. The council finds and declares that when the number of vacant dwelling units in the city is equal to or less than three percent of the total number of dwelling units in the city, a housing shortage exists which is inconsistent with the purposes of this chapter and with the goals and policies set forth in the housing element of the general plan of the city; and
H.
The council further determines that many of the considerations set forth with reference to condominium conversions apply to the transition of an existing apartment building into a stock cooperative and, therefore, determines that the provisions of this chapter shall be applied to stock cooperatives as set forth.
(Prior code § 10-2.21)