As part of a settlement of a lawsuit brought by housing advocates and environmentalists, the city council will move to cap the number of rental apartments that can be converted to condominiums each year.
"Condo conversions in San Diego would be limited to no more than 1,000 units a year under a tentative settlement approved by the City Council on Tuesday."
"The settlement, considered in closed session, is intended to end litigation against the city over how it reviews proposals to transform rental units into for-sale condos."
"Before the lawsuit can be dismissed, the City Council must put into law a yearly limit on condo conversions. In addition, an ordinance must be adopted that would not allow approval of conversions until after landlords have surveyed their tenants to learn what effects the conversions might have on renters. The city would then issue an annual report on the survey results.
Under the agreement, the city will reimburse those bringing the suit $75,000 in legal fees and related costs."
"Last year, applications for condo conversions accounted for about 1,800 units. So far this year, there have been six projects proposed, although two of those call for the conversion of more than 1,200 units in Mission Valley, according to city records."
FULL STORY: Settlement would limit number of condo conversions
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