SR 05:197 - Laserfiche WebLink

-of s~me households that are currently unable to attain home ownership in the current market. On the negative side, condo conversions will remove a comparable number of rental units from the housing market, thereby reducing the availability and variety for households that need or desire rental housing. Goal 3: Ensure that sufficient rental housing units are provided and retained to serve Pleasanton residents who choose to rent or who cannot afford ownership housing. Policy 11: Encourage at least 50 percent of multiple-family housing units to be rental apartments at build-out. Policy 12: Minimize displacement of tenants in rental apartments and mobile homes and encourage ownership of lower-cost residential units by prior renters through the regulation of condominium conversions. The City monitors the tenure of housing units through the decennial census and the Growth Management Report. At the present time, staff estimates that approximately 5,040 or 83% of existing multiple-family housing units in Pleasanton are rental units. This balance is not anticipated to shift significantly with the completion of remaining housing under buildout of the General Plan. It important to note that the total number of multi-family housing units (6,060) represents only 23.8% of the City's total residential units (25,459). Therefore, although Pleasanton is above the 50% goal for multi-family rental units, it is unclear whether the 50% policy (or 3,246 multi-family rental units) will satisfy the Housing Element's goal of ensuring that sufficient rental units are provided and retained to serve Pleasanton residents who choose to rent or cannot afford own. GoalS: Encourage the production and retention of a sufficient number of moderate-, low-, and very-low-income housing units to meet Pleasanton's needs. Policy 16: Strive toward meeting Pleasanton's share of regional housing needs, as defined by the Regional Housing Needs Determination (RHND). Opportunities for the production of new affordable housing to meet the City's RHND are limited as the availability of developable land diminishes. Condo conversions potentially provide a new opportunity to secure price-restricted affordable ownership housing through conversion of rental units that are not currently considered affordable (i.e., by restriction) into ownership units are affordable (e.g., through deed restrictions, etc.). However, in order to optimize such opportunities, the City may need to modify its Inclusionary Zoning Ordinance to incorporate provisions that specifically address condo conversions. Goal13: Provide incentives to encourage the maintenance of affordability in existing housing that is rehabilitated. SR:05:197 Page 4