Ordinance No. 18655 - Laserfiche WebLink

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ORDINANCE N0. (7S~ AN ORDINANCE RELATING TO THE CONVERSION OF APARTMENT BUILDINGS TO COrdDOMINIUMS; AND DE- CLARING AN EMERGENCY. Gn the basis of staff reports, written and oral testimony and submissions, and its own investigations, both. in the matter of the adoption of this Crdinance and Crdinance No, 18535 ~Condo- minium Conversion Moratorium} as well as the submissions, staff reports, written and oral testimony before the Condominium Con- version Task Force, the City Council of the City of Eugene makes the fallowing specific findings ; 1. The conversion of rental housing units to condominium or cooperative units has been, and is occurring, locally and nationwide, widespread concern associated with the issues of tenant displacement and depletion of rental housing stock has re- sulted in numerous municipal ordinances and state statutes res- tricting the conversion process. ~. Inadequate production of new multiple family residential units has increased pressure for condominium conversions. This decrease in multiple family building starts has occurred locally. In 1977, building permits far 959 multiple family units including duplexes} were issued in Eugene; in 1978, 9l5 were issued; and in 1979, 389 were issued. Rapidly increasing construction costs and interest rates, together with depressed rent levels, have contri- '~uLed to this decline. Rents have not kept pace with inflation, ~r~~ile home ownership costs have increased at a higher rate than inflation. The Portland, Oregon Consumer Price Index for July, 1979, shows a rent index of 189.6, a home ownership mortgage} index of 311.1, and an all items index of 227.9. This inadequate production of multiple family housing units has contributed to a low vacancy rate for that type of housing. The May, 1979 vacancy rate for all housing units in Eugene was 1.90, combining a rate of 1.4o in single family units and 3.Qo in multiple family units. Housing market analysts recognize the desirability of maintaining vacancy rates in the rental housing stock of approximately 5o to 7o to maintain an adequate choice in housing price, location, and quality. 3. Using data current as of September, 1979, Eugene had a housing stock of 42,323 dwelling units. Cf this amount, 45.8 are occupied by renters. 3Qo X12,640 units} of this stock are multiple family units. Most t„95.1 a} of the multiple family units are rented and a good portion ~ 3 5 0 ox 4 , 4 6 6 units } of the mul t.ip le family units are located in the central city's census tracts. Crdinance - 1