Rental Housing Conversion and Sale (Council Act 3-204): Oversight Hearings and Markup Before the Committee on the District of Columbia, House of Representatives, Ninety-sixth Congress, Second Session, on H. Con. Res. 420 ... September 4, 1980

Front Cover
 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Other editions - View all

Common terms and phrases

Popular passages

Page 120 - And the guaranty of due process, as has often been held, demands only that the law shall not be unreasonable, arbitrary, or capricious, and that the means selected shall have a real and substantial relation to the object sought to be attained.
Page 121 - The general rule at least is that while property may be regulated to a certain extent, if regulation goes too far it will be recognized as a taking.
Page 123 - This inquiry employs a relatively relaxed standard reflecting the Court's awareness that the drawing of lines that create distinctions is peculiarly a legislative task and an unavoidable one. Perfection in making the necessary classifications is neither possible nor necessary.
Page 144 - More elderly than non-elderly tenants (28% versus 18%) felt pressured by the conversion experience. One-half of all former residents of converted buildings had some difficulty in finding new housing; elderly, non-white, and lower income former tenants are more likely to report such difficulty. One of the major concerns relating to conversion is the extent to which it involuntarily displaces prior tenants. Including both those who had moved out as of January 1980 (58%) and those who continue to rent...
Page 73 - BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Fiscal Year (2002) 2003 Budget Request Act".
Page 142 - Strong demand for the kinds of housing represented by condominiums and cooperatives, combined with potentially large profits, has made converters willing to pay prices for rental properties that are far in excess of what these buildings could command based on continued use as rentals. The ability of converters, then, to turn over individual units in these buildings for higher prices is, in great measure, a function of increasing demand for homeownership which is fueled by rising incomes and inflation....
Page 147 - Conversion-related regulations can be categorized as follows: those designed to protect tenants of converting buildings; those intended to protect buyers of converted units; those developed to preserve the supply of rental housing; and those aimed at preserving the supply of low- to moderateincome housing. To date, very few states and localities have passed the latter two types of legislation. Just under one-half of the states have legislated protections for tenants of converting buildings; and,...
Page 141 - ... homeownership. Conversions are not, as some market specialists believe, associated with distressed rental markets. For example, there is no evidence that conversions are concentrated in metropolitan areas with higher than average rental vacancy rates or depressed rent levels. Furthermore, legislated rent controls are not necessary conditions for or leading causes of conversions, if for no other reason than that so few of the jurisdictions with conversions have enacted such measures. In most parts...
Page 145 - Nearly three- fourths of all former residents have moved to a new neighborhood as good as or better than their old one. Eighty percent live as close or closer to friends and relatives as before the move. Those with lower incomes, however, are more likely to report that their neighborhood is worse than the old one. Forty-three percent of all former residents are under age 36 and one-fifth are over 65. Those who move have incomes that are, on average, lower (20% under $12,500) than buyers of converted...
Page 142 - ... headed by an individual 35 years old or less. Conversions are also somewhat more numerous in areas where more households have incomes above $25,000, where luxury buildings form a higher proportion of the rental stock, and where the rental housing stock is relatively new. Conversions are products of a- shift in housing demand, and a corresponding shift in the use of the existing housing supply away from rental toward ownership. The net effect of conversions on the balance of supply and demand...

Bibliographic information