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Condo conversions increasing exponentially

By January 18, 2007


I missed this Stranger article but the Seattlest pointed it out and it’s never to late to link to a blurb about condo’s in Erica’s column, In The Hall:

Some of the most interesting findings in the report had to do with condo conversions, which increased dramatically in the last three years—from 358 in 2004; to 1,546 in 2005; to 1,200 in the first half of 2006 alone. The majority of apartments that were converted to condos were “affordable” to people making between 51 and 80 percent of Seattle’s median income—a definition that translates to a one-bedroom apartment renting for $730 to $1,118 a month. And around 104 households a year received rental assistance when their buildings were demolished or converted to condos; however, the city found that most low-income families that received relocation assistance “found it difficult to locate similarly affordable housing within the city limits.”

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