Question: Are condos which are purchased and then rented by their owners considered rental stock?
San Diego has a similar law, but condo converters get around the relocation assistance clause by announcing that the building will be demolished and condos will be built on the existing property. In truth, the building stands fenced in and boarded up sometimes for years.
The tenants, therefore, aren't notified about a conversion. They're evicted with a 60 day notice. And they don't receive a dime in relocation assistance.
I said it when this bill was originally introduced and I'll say it again: The condo conversion craze is over. This is unnecessary feel-good do-nothing legislation.
That condo conversion thing is a day late and a dollar short. With the housing market sliding along with credit markets, many condo constructions are being turned into apartments, and most of the conversions happened in the last three years, very few are happening today.
Now that governments are staring down the barrel of lower fee and tax revenue flowing from their buddies the developers, legislators are starting to feel guilty and stupid over what they've let happen to their renting constituents. Time to hit 'em up for a bill.
And while it's true that only an idiot would convert nowadays, don't think there aren't a few idiot landlords still looking to do it. This bill would protect their renters, and now.
And let's acknowledge the wisdom of getting this on the books now, while we finally can, so that it will be in place if another local real estate craze hits after X years of downturn. If we wait until another boom hits, the revenue flowing in will just get legislators looking the other way once again.
Do it now. If it fails now, do it again next session.
Why should any land owner be restricted from making money off of their property! This is pure socialism. People can pay their own damn moving costs!
And if you can't afford to live in the city, then move or get a better job. Sheesh. The government has no business tinkering with the free market in this case. There is no overreaching public interest in denying land owners their rights to do what they please with their property.
Hey, Rich Boswell, I've decided to file a mining claim on your property. I'm paying 10 cents an acre and I'll be looking for diamonds.
Might have to blast my way down there.
Hope you don't mind!
What a fantastically stupid idea.
Hint #1: limiting the supply of condos makes them more expensive, not less.
Hint #2: total housing units are growing faster than local population. WAY faster. therefore, the rental stock is actually *increasing.* (no, the Canadians are not using their still-strong dollar to turn our apartments into vacation homes.)
Hint #3: the housing bubble was caused by excessive lending. if you want to legislate against a repeat of it, treat the disease, not the symptoms.
All the condos are scars on beautiful city blocks.
Seattle should be ashamed at what it has allowed to happen to the metro area.
Eric Arr, FTW!
@9: Seattle should be ashamed for letting people build housing?
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