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ORDINANCE NO. 589-79 <br /> AN ORDINANCE regulating the conversion of <br /> residential rental units to condominiums, <br /> providing protections for tenants and <br /> purchasers in converted buildings, adopting <br /> measures to mitigate the adverse effects of <br /> conversion displacement and providing <br /> • <br /> penalties for violations <br /> WHEREAS, the vacancy rate for rental units in the City is between <br /> two and three percent and has been steadily declining; and <br /> WHEREAS, projections indicate no increase in the rental vacancy <br /> rate in the foreseeable future; and <br /> WHEREAS, an increasing percentage of residential rental units are <br /> being converted into condominiums; and <br /> WHEREAS, this conversion process is reducing the number of rental <br /> units in the City thereby worsening an already critical rental housing <br /> shortage; and <br /> WHEREAS, tenants displaced by condominium conversions, frequently <br /> on short notice, have been unable to find comparable housing and are <br /> increasingly unable to find any decent, safe, and sanitary rental housing; and <br /> WHEREAS, conversions are imposing hardships upon all displaced <br /> tenants but especially the elderly and those of low and moderate income; <br /> NOW THEREFORE, be it ordained by the City of Everett as follows: <br /> Part I <br /> Title: Definitions <br /> Section 1.1 Short Title: This ordinance may be cited as the <br /> "Condominium Conversion Ordinance". <br />