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18535 <br />1. Conversion of apartment units to condorr~inium <br />units has been and is occurring locally and nationwide. <br />Widespread concern associated with the issues of dis-~ <br />placement and depletion of the rental housing stock has <br />resulted in numerous municipal ordinances restricting <br />the conversion process and the introduction of national <br />legislation ~HR 5175 proposing a three-year national <br />moratorium on condominium conversion. Among those locali- <br />ties imposing moratoria on condominium conversions are: <br />Chicago, Evanston and ukokie, Illinois; Alameda, Tiberon, <br />Palo Alto, San Jose, Santa Barbara, and San Francisco, <br />California; fi~ashington, D.C.; and Zynnwood, Edmonds, and <br />Seattle, Washington. <br />2. Inadequate production of new multiple family resi- <br />dential units has increased pressure for condominium conver- <br />sions. This decrease in multiple-family building starts <br />has occurred locally. In 1977, building permits for 73l <br />multiple--family units were issued in Eugene,; in 1978, 687 <br />were issued; and only ~D9 have been issued this year throe h <br />g <br />September. Rapidly increasing construction costs and inter- <br />est rates, together with depressed rent levels, have con- <br />tributed to this decline. Rents have not kept pace with <br />inflation, while home ownership costs have increased at a <br />higher rate than inflation. The Portland, Oregon Consumer <br />Price Index far July, 1979, shows a rent index of 189.6, a <br />home ownership mortgage} index of 311.1, and a general con- <br />sumer price index of 27.9. <br />ordinance -- 2 <br />