This article provides for development of real property consisting of: (1) an undivided interest in common in a portion of a parcel of real property together with a separate interest in space in a multi-unit residential building on the real property, or (2) a stock cooperative, or (3) a community apartment project and, accordingly, this section regulates individual ownership or lease or share of such multi-unit buildings which for ease of reference shall generally be referred to herein as "condominiums" so that they meet the following objectives:
(1) To provide for inhabitant ownership lease or share of residential units while recognizing the need for a balanced housing mix including the maintenance of rental housing inventories in the city.
(2) To provide a reasonable balance of adequate rental and ownership housing on site and/or in the neighborhood.
(3) To provide adequate administrative measures for the protection of the property rights of prospective condominium purchasers.
(4) To provide mitigation measures to alleviate problems of rental tenants impacted by condominium conversion.
(5) To insure that new units being constructed and rental units being converted meet the reasonable development standards required by this article and all other applicable city code provisions.
(6) To promote the residential stability and diversity of the community by encouraging neighborhood maintenance, preventing major displacements of people, and facilitating inhabitant ownership of residential units. (Amended during the March 2009 supplement.)