Ordinance No. 18535 - Laserfiche WebLink

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18535 developers, for properties in relatively new and adequate condition and within acceptable operating cost limits, is mare attractive than the comparable return on rental prapert . Y 7. The national experience suggests that condominium conversion rates increase in areas, such as here, where the rental vacancy rate is extremely ,low. Since l9?7, 240 Eugene residential rentals in multiple--family structures have been converted to condominiu~ ownership. This represents approximately 2a of the total number of present multi le- p family. units. ~n additional 210 condominium units, or 1.70 of the multiple-~~ar~ily unit stock, have been built since 1974. 183 rental units in the Patterson Tower and ~~~illamette Tower developments are presently targeted for condominium conversion. 8. The conversion process creates both positive and ne a- g tine local et~ects. Th.e benefits .include: a greater choice to a purchaser resulting frv~n lo~rer comparative costs for convert-~ ed units than for new condominiums or single-family residential units, tax and equity aduanta~ges accruing to the condominium owner, a possible upgrading of the physical, appearance and habitability o~ condominium units converted from apartment dwellings, and an increase in assessed property tax valuation of zeal property. 9. The negati~re effects of condominium conversions are serious and particularly acute in areas, such as here, with law rental vacancy rates. These negati~re effecta include: forced displacement of those renters unable or unwillin ~' to purchase condominium una:ts from the owner; a dispropor- tionate burden on older, handicapped, or low income renters• Ordinance ~- 4