Word: condominium
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Resisting intense pressure, the Cambridge City Council last night reaffirmed its support for restrictions on condominium conversion in the city and even took steps to strengthen the two-year-old ordinance limiting condos...
...last October, sales rose from an average of less than two houses a month to more than five a week. Says David Carlson of Centurion Co. in Wayzata, Minn.: "We've sold about 300 land-lease homes in the past year and just finished building a 280-unit condominium on the same program...
...opponents--condominium owners, developers and some tenants--said they objected to provisions of the plans that would prevent tenants from purchasing their apartments as condominiums...
...city council hearing on legislation that would strengthen restriction on condominium conversion drew 250 people, all but a few angry with the plan, to City Hall Wednesday night...
...purchase their apartments would "remove the speculative pressure on rental housing." Sullivan said, adding that under the ordinance tenants would still be able to buy their homes as a "limited equity cooperative." providing them with security but not the chance to make an "enormous" profit by reselling the condominium...