SR 05:197 - Laserfiche WebLink

.. I?stablishing a limit (annual and/or overall cap) on the number/percentage of rental units converted; . Protecting continued tenancy for qualified existing renters; · Updating provisions for financial and other relocation assistance to existing renters; and . Incorporating references to recently-implemented inclusionary policies (discussed earlier). Both Livermore and Dublin have either recently updated their CCO's or are in the process of considering updates. The Council may wish to direct staff to conduct an analysis of Pleasanton's CCO and provide recommendations for modifications. Regional Housing Needs As the Council is aware, the City's Housing Element was recently "decertified" by the state relative to the City's efforts to rezone land to higher densities in order to facilitate the development of affordable housing. State Assembly Bill 2348 (adopted in 2004) increases the actions a jurisdiction must identify to address regional housing needs in the Housing Element. If the Housing Element's inventory of sites does not provide sufficient sites to meet the City's regional housing need for each income level without rezoning of sites, then the Housing Element must also identify additional sites "suitable for residential development" that could be available to meet the regional housing need if rezoned. As discussed earlier, condo conversions may potentially assist the City in better addressing its affordable housing targets, particularly in conjunction with modifications to the City's Inclusionary Zoning Ordinance. On the other hand, conversions could decrease the number of lower income units. Pleasanton Manor Condominium Conversion Prooosal As noted earlier, the Planning Department has received inquiries for condominium conversions during the past year. A preliminary application was recently received to convert the 51-unit Pleasanton Manor Apartments (located at 4478 Mohr Avenue) to 43 ownership condominiums. [The proposal would result in an overall reduction of eight units; the reduction relates to the need to meet parking ratios as well as the anticipated demand for larger condominium units.] The average monthly rent at Pleasanton Manor is $903 for a one-bedroom unit and $1,125 for a two-bedroom apartment unit (Source: Pleasanton Manor Apartments owners, May 2005). These rents are considered affordable to low-income households at 80% or less of the Area Median Income. If the units were to retain the same level of affordability as for-sale condominiums, the sales prices would have to be in the range of approximately $102,000 to $162,000. By comparison, data from the Bay East Association of Realtors (BEAR) indicate that the median sale price for condominiums in Pleasanton is currently $509,500. Therefore, it is likely that few if any of the existing tenants at Pleasanton Manor will be able to purchase the units in which they currently reside without significant subsidies and assistance either from the City, the owner/developer, or both. SR:05:197 Page 6