Karen
04-01-2006, 07:29 PM
As Waccos we've all been approached by those encouraging participation in condo conversion schemes. If you are at all concerned with "right livelihood" or just being able to sleep at night, I urge you to look at this from all sides before you invest.
There areinnumerable items online about this. It is a plague in many cities now. The sick, elderly and children are least able to cope with the displacement conversions bring. Homelessness is increased by this mass eviction of renters. Make no mistake, this is a mass event. Whole communities have unraveled.
East Palo Alto and Oakland have online info about their problems with this kind of neighborhood takeovers, the resulting loss of affordable housing and displaced communities, mainly of people with dark skin, leading to one comment that " the potential displacement of thousands of people of color violated the United Nations Genocide Convention" The following are just sniips. As I said, more online. ~Karen
https://www.epa.net/launch/comvcs/spkout/item?item_id=592983
-----Original Message----- From: William Byron Webster [mailto:[email protected]] Sent: Tuesday, July 05, 2005 2:48 AM To: [email protected] Subject: URGENT - Final condo conversion ordinance revision public hearings by the Planning Commission and the City Council Monday, 4 July 2005 Dear Friends,
Since 2003 a coalition of community volunteers (we have recently been using the name Save Our Neighbors, Defend Our Homes) have been locked in a protracted struggle to oppose condo conversion of thousands of units of apartments under the City's Rent Stabilization Ordinance providing housing for upwards of 10,000 residents, mostly low income persons of color, principally Latinos followed by African Americans followed by Pacific Islanders. The East Palo Alto Council of Tenants (EPACT) had once before fought this battle to stop condo conversion years ago between 1991 and 1992 and triumphed miraculously then over tremendous odds.
We are now at a crossroads. This coming Wednesday, 6 July 2005, at 6:30 p.m. in the City Hall Chambers at 2415 University Avenue the East Palo Alto Planning Commission will be considering the adoption of an obnoxious revision of the Condominium Conversion Ordinance of 1984 that has...
We have at several meetings pointed out that to let condo conversion take place is racism, because it will displace thousands of children, women, and men of color who cannot buy their apartments and will be forced to relocate out of the Bay Area. At the community meeting with the outside consultant, Alison Kendall, on 10 August 2004 one member of the public pointed out that the potential displacement of thousands of people of color violated the United Nations Genocide Convention. The outside consultant never replied to that observation, although she was supposed to respond to all issues raised by the public.
We are now at the end of a terrible process that threatens to leave the community mutilated. Please attend the Planning Commission public hearing on 6 July 2005 and the City Council public hearing on 11 July 2005 and advocate for the revision of the Condo Conversion Ordinance advocated by Save
Removal of condo conversion protections would decimate the affordable rental housing stock
The City is obligated to "make adequate provision for the housing needs of all economic segments of the community" in carrying out its land use powers and through its Housing Element.3 Under State Housing Element law, the City is obligated to quantify the housing needs over the housing element planning period, including the need created from the potential loss of affordable rental housing stock. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
Oakland Municipal Code (OMC) §8.22.010 states that "[t]he City Council finds that a shortage of decent, safe, affordable and sanitary residential rental housing continues to exist in Oakland. This shortage is evidenced by a low vacancy rate among such units throughout the city and a continually increasing demand for such housing." (Ord. 12399 (part), 2002) (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
The proposed changes put a large segment of Oaklanders at risk of displacement. Given the current housing market, many of these tenants likely would be unable to find alternative affordable housing. "Median renter incomes are approximately half that of homeowners -- $30,000 compared to $62,000," and 18% of renters earn annual incomes less than $10,000. (DHE p.7). Therefore it is imperative for the City to assess the ability of displaced renters to find affordably priced housing. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
In 2004, there are 155 subsidized rental units that are potentially at-risk of conversion to market rate housing in addition to 120 units that were lost between 1999-2001. (DHE 3-57). In addition, the 33,000 rental units in the Oakland Housing Authority’s Section 8 subsidy program, which provides housing for very low income households, would be at risk of "opting-out" of their OHA contracts in favor of conversion. The City must evaluate how many more affordable units will be lost with the proposed changes to the condominium conversion ordinance. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
Once apartments (such as those currently under rent control and affordable) have been converted to condos, the new owners can immediately re-rent them to new tenants, without any rent control protections, thereby diminishing the affordable rental housing stock. Currently, of Oakland's 5,823 existing condos, at least 1,400 (about 25%) are rented out and not occupied by their owners, many of whom do not live in Oakland. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
Oakland’s already staggering unmet RHND for very-low income households would be severely exacerbated under the proposed Ordinance, as shown above in Table 1, and this increased need for very low income housing is not adequately addressed in the Draft Housing Element. California Health & Safety Code §33413 requires the replacement of low and moderate income housing that is removed as part of a redevelopment project, in a one-to-one match. This state requirement is ignored in the proposed Ordinance, jeopardizing the City’s redevelopment efforts. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
The Staff Report states that "[t]he need for affordable rental housing remains a high priority and adoption of a policy to ease condominium conversions could reduce the supply" without providing an analysis as to the actual impact of the proposed changes on the affordable housing supply. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
In order to address "concern regarding the loss of affordable rental stock," the Staff Report provides that an alternative to the current demarcation of a Condominium Conversion Impact Area (Impact Area) and requirement to obtain conversion rights from replacement rental housing is to eliminate the Impact Area, but retain the replacement requirement. However, no explanation is provided for the fact that the proposed changes eliminate both the Impact Area and the replacement requirement.
(https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
Removal of protections would likely displace low-income, disabled, and elderly tenants
Pacific Renaissance Case Study:
One very tragic and concrete example of the reality of displacement is the Pacific Renaissance development in Oakland Chinatown that was built as affordable housing units with City subsidies. After a 10-year affordability period expired, the landlord sought to evict all of the tenants in order to convert the units to market rate condominiums. All of the tenants were low-income Asians. Most of them were elderly and disabled. The eviction proceedings resulted in enormous stress and ill health as well as affected the deaths of two elderly tenants.
The Staff Report states that "the potential loss of a minor number of rental units does not constitute a substantial impact," but fails to quantify how many renters will be displaced by the proposed changes. However, the City’s own Draft Housing Element Plan finds that, "Low vacancy rates pose particular hardship for renters, making it both difficult and costly to move." (DHE p.7). Oakland has a 2.7% rental vacancy rate. (2000 Census)
The UN Commission on Human Rights and the UN Covenant on Economic, Social and Cultural Rights have deemed the practice of forced evictions to be a "gross violation of human rights, in particular to the right to housing."
Research shows that condo conversions lead to the displacement of a community's vulnerable populations, such as single parent households.4 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en04)
The Research also shows that people who are displaced from their homes through condo conversions, are unlikely to be successfully relocated into adequate and affordable housing. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en04)5 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en05) This is especially the case for elderly, non-white, and lower income former tenants.6 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en06)
Given the potential for displacement of vulnerable populations, the City must identify the consequences of the proposed changes to Oakland’s rental population.
Displacement of a Community's Vulnerable Populations Results in Individual and Community Ill Health
As the City of Oakland acknowledges, the displacement of low-income tenants would create widespread detrimental harm. "The present shortage of rental housing units and the prevailing rent levels have a detrimental effect on the health, safety, and welfare of a substantial number of Oakland residents, particularly senior citizens, persons in low and moderate income households, and persons on fixed incomes. Stability in their housing situation is important for individuals and families in rental housing." (OMC §8.22.010)
Indeed, the Alameda County Public Health Department’s Health Officer, along with the County’s Central Labor Council and the East Bay Alliance for Sustainable Economy all oppose the City’s proposed changes based upon its detrimental impacts to the health of the community and upon Oakland’s labor force. See Appendix A for their letters.
Graphic 2. Research-Based Evidence of Displacement Impacts7 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en07)
https://www.oaklandtenantsunion.org/condos/EBCLC_20040525_gr2.gif III. CONDO CONVERSIONS WOULD NOT RESULT IN AFFORDABLE HOMEOWNERSIP OPTIONS -- ONLY 6.83% OF OAKLAND'S RENTERS CAN AFFORD THE AVERAGE CONDO
In order to provide new affordable homeownership options, the City must first determine that the proposed changes will actually result in options that will be affordable to groups that have been previously priced-out of the City. Action 5.6.1 of the DHE allows for review and amendment of the condo conversion ordinance to permit conversions "when it provides homeownership opportunities for low- and moderate-income households." However there is no evidence that the City’s proposed changes will actually present affordable homeownership options.
The Staff Report asserts that "[c]ondominiums generally provide a more affordable option than detached, single-family homes," and that they "are a particularly good option for households first entering the ownership market because they tend to be priced lower than single-family homes" without evaluating what the actual price difference will be, and whether the price difference will be sufficient to allow first time buyers or tenants to purchase a converted condominium.
"[C]ondominiums and townhouses have actually appreciated at a higher rate than single family homes in the Bay Area over the past 4 years running." (Realty Times, Market Conditions) https://realtytimes.com/rtmcrcond/California~Oakland~ismailasadabdullah (https://realtytimes.com/rtmcrcond/California%7EOakland%7Eismailasadabdullah)
Table 3. Oakland Home Sales, December 2003-March 2004
Condo Sales Details Single Family Home Sales Details Total Listed 206 1500 Sold Condos 145 1022 Min Sold Price $149,950 $130,000 Average Sold Price $324,382 $434,683 Median Sold Price $305,000 $370,000 Max Sold Price $849,000 $2,350,000(Realty Times, Market Conditions)
https://realtytimes.com/rtmcrcond/California~Oakland~ismailasadabdullah (https://realtytimes.com/rtmcrcond/California%7EOakland%7Eismailasadabdullah)
The average or median priced condos would not be affordable to low-income Oakland residents.8 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en08) Of all Oaklanders, only 16% earn enough to afford the average sales price of $324,000, needing an annual household income of over $90,000. Only 6.83% of Oakland's renters would be able to afford to purchase the average condominium. Monthly payments, including mortgage, taxes, and condo association fees would total about $2,400 a month.
Table 4. Oakland Renter Incomes and Rents by Council Districts, 2000 Census Data9 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en09)
District 1 District 2 District 3 District 4 District 5 District 6 District 7 Median Renter Income $36,060 $31,931 $27,527 $34,143 $28,719 $25,754 $23,924 Median Rent Paid $774 $700 $664 $746 $661 $703 $681
Out of 107 census tracts in Oakland's districts, only 2 census tracts have renters who earn enough to purchase a $324,000 condo -- one neighborhood in District 1 and one neighborhood split between Districts 1 and 4.
The unaffordability of condos still holds true in reviewing the condo sales prices in flatland neighborhoods.
Table 5: Average Condo Sales in Flatland Neighborhoods, April 2003-April 2004
Area West Oakland, 94607 Chinatown & Downtown, 94612 East Oakland, 94621 East Oakland, 94619 Fruitvale, 94605 Average 2 bedroom condo sales price $372,948 $431,513 $271,000 (one sale) $354,000 $290,433 Family income needed to afford average 2 bedroom condo* (compared to median renter income) $104,764 ($27,527) $121,216 ($31,931) $76,126 ($23,924-25754) $99,442 ($25,754-23,924) $81,585 ($28,719) Lowest sales price $218,000 $213,888 $271,000 $242,000 $175,000 Highest sales price $599,000 $580,000 $271,000 $519,000 $435,000*Calculations are based upon a family household of 4, using the new 2003 HUD income figures for the Oakland PMSA; downpayment and closing costs of about 8%.
In addition, it is likely that a significant percentage of condos would not be used for homeownership opportunities. Currently, about 25% of Oakland's existing condos are used for rental purposes, many of which are owned by non-Oakland residents.
There areinnumerable items online about this. It is a plague in many cities now. The sick, elderly and children are least able to cope with the displacement conversions bring. Homelessness is increased by this mass eviction of renters. Make no mistake, this is a mass event. Whole communities have unraveled.
East Palo Alto and Oakland have online info about their problems with this kind of neighborhood takeovers, the resulting loss of affordable housing and displaced communities, mainly of people with dark skin, leading to one comment that " the potential displacement of thousands of people of color violated the United Nations Genocide Convention" The following are just sniips. As I said, more online. ~Karen
https://www.epa.net/launch/comvcs/spkout/item?item_id=592983
-----Original Message----- From: William Byron Webster [mailto:[email protected]] Sent: Tuesday, July 05, 2005 2:48 AM To: [email protected] Subject: URGENT - Final condo conversion ordinance revision public hearings by the Planning Commission and the City Council Monday, 4 July 2005 Dear Friends,
Since 2003 a coalition of community volunteers (we have recently been using the name Save Our Neighbors, Defend Our Homes) have been locked in a protracted struggle to oppose condo conversion of thousands of units of apartments under the City's Rent Stabilization Ordinance providing housing for upwards of 10,000 residents, mostly low income persons of color, principally Latinos followed by African Americans followed by Pacific Islanders. The East Palo Alto Council of Tenants (EPACT) had once before fought this battle to stop condo conversion years ago between 1991 and 1992 and triumphed miraculously then over tremendous odds.
We are now at a crossroads. This coming Wednesday, 6 July 2005, at 6:30 p.m. in the City Hall Chambers at 2415 University Avenue the East Palo Alto Planning Commission will be considering the adoption of an obnoxious revision of the Condominium Conversion Ordinance of 1984 that has...
We have at several meetings pointed out that to let condo conversion take place is racism, because it will displace thousands of children, women, and men of color who cannot buy their apartments and will be forced to relocate out of the Bay Area. At the community meeting with the outside consultant, Alison Kendall, on 10 August 2004 one member of the public pointed out that the potential displacement of thousands of people of color violated the United Nations Genocide Convention. The outside consultant never replied to that observation, although she was supposed to respond to all issues raised by the public.
We are now at the end of a terrible process that threatens to leave the community mutilated. Please attend the Planning Commission public hearing on 6 July 2005 and the City Council public hearing on 11 July 2005 and advocate for the revision of the Condo Conversion Ordinance advocated by Save
Removal of condo conversion protections would decimate the affordable rental housing stock
The City is obligated to "make adequate provision for the housing needs of all economic segments of the community" in carrying out its land use powers and through its Housing Element.3 Under State Housing Element law, the City is obligated to quantify the housing needs over the housing element planning period, including the need created from the potential loss of affordable rental housing stock. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
Oakland Municipal Code (OMC) §8.22.010 states that "[t]he City Council finds that a shortage of decent, safe, affordable and sanitary residential rental housing continues to exist in Oakland. This shortage is evidenced by a low vacancy rate among such units throughout the city and a continually increasing demand for such housing." (Ord. 12399 (part), 2002) (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
The proposed changes put a large segment of Oaklanders at risk of displacement. Given the current housing market, many of these tenants likely would be unable to find alternative affordable housing. "Median renter incomes are approximately half that of homeowners -- $30,000 compared to $62,000," and 18% of renters earn annual incomes less than $10,000. (DHE p.7). Therefore it is imperative for the City to assess the ability of displaced renters to find affordably priced housing. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
In 2004, there are 155 subsidized rental units that are potentially at-risk of conversion to market rate housing in addition to 120 units that were lost between 1999-2001. (DHE 3-57). In addition, the 33,000 rental units in the Oakland Housing Authority’s Section 8 subsidy program, which provides housing for very low income households, would be at risk of "opting-out" of their OHA contracts in favor of conversion. The City must evaluate how many more affordable units will be lost with the proposed changes to the condominium conversion ordinance. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
Once apartments (such as those currently under rent control and affordable) have been converted to condos, the new owners can immediately re-rent them to new tenants, without any rent control protections, thereby diminishing the affordable rental housing stock. Currently, of Oakland's 5,823 existing condos, at least 1,400 (about 25%) are rented out and not occupied by their owners, many of whom do not live in Oakland. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
Oakland’s already staggering unmet RHND for very-low income households would be severely exacerbated under the proposed Ordinance, as shown above in Table 1, and this increased need for very low income housing is not adequately addressed in the Draft Housing Element. California Health & Safety Code §33413 requires the replacement of low and moderate income housing that is removed as part of a redevelopment project, in a one-to-one match. This state requirement is ignored in the proposed Ordinance, jeopardizing the City’s redevelopment efforts. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
The Staff Report states that "[t]he need for affordable rental housing remains a high priority and adoption of a policy to ease condominium conversions could reduce the supply" without providing an analysis as to the actual impact of the proposed changes on the affordable housing supply. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
In order to address "concern regarding the loss of affordable rental stock," the Staff Report provides that an alternative to the current demarcation of a Condominium Conversion Impact Area (Impact Area) and requirement to obtain conversion rights from replacement rental housing is to eliminate the Impact Area, but retain the replacement requirement. However, no explanation is provided for the fact that the proposed changes eliminate both the Impact Area and the replacement requirement.
(https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en03)
Removal of protections would likely displace low-income, disabled, and elderly tenants
Pacific Renaissance Case Study:
One very tragic and concrete example of the reality of displacement is the Pacific Renaissance development in Oakland Chinatown that was built as affordable housing units with City subsidies. After a 10-year affordability period expired, the landlord sought to evict all of the tenants in order to convert the units to market rate condominiums. All of the tenants were low-income Asians. Most of them were elderly and disabled. The eviction proceedings resulted in enormous stress and ill health as well as affected the deaths of two elderly tenants.
The Staff Report states that "the potential loss of a minor number of rental units does not constitute a substantial impact," but fails to quantify how many renters will be displaced by the proposed changes. However, the City’s own Draft Housing Element Plan finds that, "Low vacancy rates pose particular hardship for renters, making it both difficult and costly to move." (DHE p.7). Oakland has a 2.7% rental vacancy rate. (2000 Census)
The UN Commission on Human Rights and the UN Covenant on Economic, Social and Cultural Rights have deemed the practice of forced evictions to be a "gross violation of human rights, in particular to the right to housing."
Research shows that condo conversions lead to the displacement of a community's vulnerable populations, such as single parent households.4 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en04)
The Research also shows that people who are displaced from their homes through condo conversions, are unlikely to be successfully relocated into adequate and affordable housing. (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en04)5 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en05) This is especially the case for elderly, non-white, and lower income former tenants.6 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en06)
Given the potential for displacement of vulnerable populations, the City must identify the consequences of the proposed changes to Oakland’s rental population.
Displacement of a Community's Vulnerable Populations Results in Individual and Community Ill Health
As the City of Oakland acknowledges, the displacement of low-income tenants would create widespread detrimental harm. "The present shortage of rental housing units and the prevailing rent levels have a detrimental effect on the health, safety, and welfare of a substantial number of Oakland residents, particularly senior citizens, persons in low and moderate income households, and persons on fixed incomes. Stability in their housing situation is important for individuals and families in rental housing." (OMC §8.22.010)
Indeed, the Alameda County Public Health Department’s Health Officer, along with the County’s Central Labor Council and the East Bay Alliance for Sustainable Economy all oppose the City’s proposed changes based upon its detrimental impacts to the health of the community and upon Oakland’s labor force. See Appendix A for their letters.
Graphic 2. Research-Based Evidence of Displacement Impacts7 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en07)
https://www.oaklandtenantsunion.org/condos/EBCLC_20040525_gr2.gif III. CONDO CONVERSIONS WOULD NOT RESULT IN AFFORDABLE HOMEOWNERSIP OPTIONS -- ONLY 6.83% OF OAKLAND'S RENTERS CAN AFFORD THE AVERAGE CONDO
In order to provide new affordable homeownership options, the City must first determine that the proposed changes will actually result in options that will be affordable to groups that have been previously priced-out of the City. Action 5.6.1 of the DHE allows for review and amendment of the condo conversion ordinance to permit conversions "when it provides homeownership opportunities for low- and moderate-income households." However there is no evidence that the City’s proposed changes will actually present affordable homeownership options.
The Staff Report asserts that "[c]ondominiums generally provide a more affordable option than detached, single-family homes," and that they "are a particularly good option for households first entering the ownership market because they tend to be priced lower than single-family homes" without evaluating what the actual price difference will be, and whether the price difference will be sufficient to allow first time buyers or tenants to purchase a converted condominium.
"[C]ondominiums and townhouses have actually appreciated at a higher rate than single family homes in the Bay Area over the past 4 years running." (Realty Times, Market Conditions) https://realtytimes.com/rtmcrcond/California~Oakland~ismailasadabdullah (https://realtytimes.com/rtmcrcond/California%7EOakland%7Eismailasadabdullah)
Table 3. Oakland Home Sales, December 2003-March 2004
Condo Sales Details Single Family Home Sales Details Total Listed 206 1500 Sold Condos 145 1022 Min Sold Price $149,950 $130,000 Average Sold Price $324,382 $434,683 Median Sold Price $305,000 $370,000 Max Sold Price $849,000 $2,350,000(Realty Times, Market Conditions)
https://realtytimes.com/rtmcrcond/California~Oakland~ismailasadabdullah (https://realtytimes.com/rtmcrcond/California%7EOakland%7Eismailasadabdullah)
The average or median priced condos would not be affordable to low-income Oakland residents.8 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en08) Of all Oaklanders, only 16% earn enough to afford the average sales price of $324,000, needing an annual household income of over $90,000. Only 6.83% of Oakland's renters would be able to afford to purchase the average condominium. Monthly payments, including mortgage, taxes, and condo association fees would total about $2,400 a month.
Table 4. Oakland Renter Incomes and Rents by Council Districts, 2000 Census Data9 (https://www.oaklandtenantsunion.org/condos/EBCLC_Report_20040525.html#en09)
District 1 District 2 District 3 District 4 District 5 District 6 District 7 Median Renter Income $36,060 $31,931 $27,527 $34,143 $28,719 $25,754 $23,924 Median Rent Paid $774 $700 $664 $746 $661 $703 $681
Out of 107 census tracts in Oakland's districts, only 2 census tracts have renters who earn enough to purchase a $324,000 condo -- one neighborhood in District 1 and one neighborhood split between Districts 1 and 4.
The unaffordability of condos still holds true in reviewing the condo sales prices in flatland neighborhoods.
Table 5: Average Condo Sales in Flatland Neighborhoods, April 2003-April 2004
Area West Oakland, 94607 Chinatown & Downtown, 94612 East Oakland, 94621 East Oakland, 94619 Fruitvale, 94605 Average 2 bedroom condo sales price $372,948 $431,513 $271,000 (one sale) $354,000 $290,433 Family income needed to afford average 2 bedroom condo* (compared to median renter income) $104,764 ($27,527) $121,216 ($31,931) $76,126 ($23,924-25754) $99,442 ($25,754-23,924) $81,585 ($28,719) Lowest sales price $218,000 $213,888 $271,000 $242,000 $175,000 Highest sales price $599,000 $580,000 $271,000 $519,000 $435,000*Calculations are based upon a family household of 4, using the new 2003 HUD income figures for the Oakland PMSA; downpayment and closing costs of about 8%.
In addition, it is likely that a significant percentage of condos would not be used for homeownership opportunities. Currently, about 25% of Oakland's existing condos are used for rental purposes, many of which are owned by non-Oakland residents.