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Moratorium on condo conversion to continue
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More from Local NewsThe Moorpark City Council voted unanimously to continue a moratorium on condominium conversions for another five months while the city staff creates a rule to address the Southern California housing trend — one that has yet to reach Moorpark.
The 4-0 vote was taken Wednesday night in a special session; Councilman Mark Van Dam was absent. No council or public comments were made.
Moorpark officials have not received any applications to convert apartments into condominiums. But a lack of rules governing such conversions is the reason the city is looking into it now.
The prohibition will be in effect until Feb. 29, 2008.
Condo conversions are apartments changed from single ownership of the entire property into individual for-sale units. In addition to tenant compensation, Moorpark's condo conversion rules are set to address parking, access and other building and site requirements, a staff report says.
The main concerns are that tenants be properly compensated and given enough time to relocate, or have assistance to buy the converted unit. Moorpark officials are worried the conversions could affect the city's low-income residents.
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