18.34.010 Statement of purposes.

(A) At the present time, there is a critically short supply of rental housing in the city, and, due to the extreme profitability in the current real estate market, of constructing condominiums or converting existing apartment projects to condominiums, stock cooperatives and to community apartment projects for sale, it is anticipated that the number of applications to construct condominiums or to convert existing apartment projects into condominiums, stock cooperatives and to community apartment projects will increase and will adversely impact the availability of existing rental housing and affordable housing units in the city, and will result in the removal of rental housing units and affordable housing units from the market. Tenants who face eviction due to conversion are experiencing serious difficulties in locating comparable replacement rental housing. These difficulties are particularly acute for elderly tenants and those with physical limitations, particularly the handicapped and disabled. In addition, families with minor dependent children face greater relocation difficulties than families without such children.

(B) Since the conversion of rental units to condominiums, stock cooperatives, and community apartment projects is a substantial cause of the rental housing and affordable housing shortage, the city council finds and declares that an emergency exists requiring the emergency enactment of the ordinance codified in this chapter and it would be just and proper for the subdividers who may enjoy the benefits of such conversions to assist tenants who are displaced by the conversion activity and who otherwise would be forced to bear the burdens of displacement without any assistance.