Conversion of Rental Housing to Condominiums and Cooperatives: A National Study of Scope, Causes and Impacts. Summary of Findings

摘要

This national study focused on the extent, causes, and impacts of the conversion of rental housing to condominiums and cooperatives. The congressionally mandated study, completed in 1980, assessed the conversion process across a wide range of housing markets, programs, and policy issues. Data sources included interviews with 1,162 current and former households in units that had been or were being converted, telephone interviews with 435 officials at all levels of government, 400 personal interviews with local experts from both the private and public sectors, and a review of existing data sources. Conversion activity has been concentrated in larger metropolitan areas. The volume of conversion activity is expected to increase through 1985. Areas with the highest volumes of conversion activity have relatively vigorous housing markets characterized by such factors as higher volumes of new single - family and multifamily construction and higher proportions of affluent renter households. Buildings chosen for conversion tend to be larger and to support higher average rents than other rental buildings in the same markets. The major impetus behind the conversion process is the growing demand for this form of ownership rather than the declining profitability of rental properties. The typical buyer is young and single and has an income which is higher than the average. Most residents in converted buildings move rather than stay as renters or owners, even though they could afford to stay. Conversions have had little impact on housing conditions in the neighborhoods where it has taken place. Elderly or low - income persons, nonwhite households, or households with children experience more problems in relocating than do others. Figures and discussions of the public sector's regulation of conversions are included.