Learn how to obtain or continue community support for condo and market rate to affordable housing conversions. Click here.Oakland condo converters may need to bring their checkbooks
SF Business Times
For years, Oakland condo developers and apartment owners have swapped and sold condo conversion “rights” between them. Now the city wants a piece of the action.
Under a new proposal drafted by councilwoman Pat Kernighan, developers or owners could avoid such horse-trading. They could quickly and easily convert officially designated “high rent” apartments, those renting for $2,100 per month or more, to condos — as long as they paid an upfront fee of $15,000 per unit to do it.
Kernighhan’s thought is clearly, if anybody’s going to make money out of this process, it should be the city.
City of Oakland Action: CEDA, Nov. 10th 2009;
Item 8; Condominium Conversion - Municipal Code Amendment
