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potential for reducing the rental stock just that much more. <br /> <br />Such conversions sometimes place undue hardships on the tenants <br />who are displaced. Leased housing is the only practical type <br />of residence for those of lower and moderate income. This <br />situation is especially critical in Pleasanton. In late 1979, <br />the vacancy rate for the City's larger leased multi-family <br />housing projects was 0.3%. While only about 100 apartment <br />units have been legally converted over the past 6 years, there <br />is increasing pressure to convert large complexes to condominium <br />projects. <br /> <br /> Implementation Program 1: To regulate condominium, <br /> townhouse and mobile home site conversions and to <br /> mitigate tenant displacement through the provisions <br /> of a condominium conversion ordinance. <br /> <br />A condominium conversion ordinance has been adopted which in most <br /> <br />cases requires public hearings before the City Council to review <br /> <br />the issues involved in each proposed condominium conversion. It <br /> <br />also calls for the protection of tenant rights by giving the <br /> <br />elderly and the handicapped special leasehold interests in a pro- <br />posed condominium conversion project. In addition, the ordinance <br />requires the owners of such projects to provide relocation assis- <br />tance and rent increase protection for the tenants as part of the <br />conversion process. The purposes of the ordinance are to ensure <br />that the conversion of units and sites does not place an undue <br />burden on renters and that the newly converted units meet basic <br />standards of adequacy. <br /> <br /> -12- <br /> <br /> <br />