The Morning Report
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The San Diego City Council approved new restrictions for converting apartment buildings into condos Tuesday, placating affordable housing advocates who say that the conversion boom has spun out of control while frustrating real estate professionals who say the new regulations will affect more than just condo conversions.
The council approved the changes by a unanimous vote, except for an affordable housing requirement for converted apartment complexes, which passed by a 5-to-3 vote.
Building owners will be required to notify apartment renters earlier that their unit will be converted, pay all displaced tenants a relocation allowance instead of just those of modest means, make room for off-street parking for the new condo owners, and include affordably priced condos onsite of the converted building if it has 20 or more units.
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