Word: convert
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Dates: during 1970-1979
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Enter condominium conversion. A landlord can convert a 15-unit apartment building worth $200,000 into 15 condominiums that sell for $25,000 or more apiece. To make the conversion even more popular, a high percentage of Cambridge's housing stock is old and often in need of major repairs. By converting, the owner can unload his property without major expense and still cash in on the laws of supply and demand...
Most rent control opponents react to conversion by calling for either a prohibition of evictions by landlords who want to convert apartments of by going further and placing a limit on conversions. City Councilor David Clem says the rent control board approved only four requests for eviction by converting landlords between January and September of 1977. Conversion opponents claim, however, that landlords are frightening many more tenants who do not know their legal rights or are just too afraid to exercise them...
There were 197 conversions out of the city's 36,000 housing units in the first nine months of 1977, but the city's threat to rent control by conversion is seen much more as a potential than as a current phenomenon. Harlow Properties plans to convert all 500 of its housing units and has only been prevented by a marketing study that urged a delay in order to prevent a glut. Unchecked, the conversions will whittle away at the supply of available low and middle income housing. The elderly in Cambridge are especially vulnerable, as most live on fixed...
...plan to convert Dunster's basement janitor's room into the proposed sauna area--already down there are two showers and bathroom facilities." James A. Merolla '78, an organizer of the project, said Wednesday...
...council will ask the state legislature to grant an immediate stay of eviction for six months to all persons 62 years or older whose landlord has initiated eviction proceedings in order to convert their apartment into a condominium...