What Is Condominium Conversion Protection For Tenants?
During the late 1970s thousands of rental buildings were converted to condominium ownership by real estate developers. The tenants had to buy the apartments if they wanted to stay in the buildings. This was financially impossible for many tenants, and they had to move out. Protests by tenants led to the passage of laws in many communities controlling the method of the conversion and in some cases even the right of developers to convert buildings at all. These laws` most common restriction required the developer to bring the building fully up to the standard of the local housing code. The restriction most desired by tenants was the requirement that a certain percentage of the existing tenants had to buy in order for the conversion to go forward. Sometimes the existing tenants who did not buy had the right to continue to rent in the building even if the conversion occurred. In no area, however, has legislation stopped conversions entirely.