Laserfiche WebLink
<br />PAGE | 5 OF 8 <br /> <br />Table 1: Existing Single Family Long-Term Rental Properties <br /> <br />Rental Properties within SF <br />Residential Areas <br />Total Number of SF Residential <br />Properties Percentage <br />Zone 1 6 157 3.8% <br />Zone 2 22 769 2.9% <br />Zone 3 23 781 2.9% <br />Zone 4 7 247 2.8% <br />Total 58 1954 3.0% <br />Based on the existing number of rented properties, the ordinance includes proposed caps at 4 <br />percent per zone, with the exception of Zone 1, which is assigned a cap of 4.5 percent of the <br />total number of single family properties to accommodate additional long-term rental properties <br />while being consistent with the rest of the City. Table 2 illustrates the proposed caps per zone <br />and potentially added rental properties. Based on the proposed caps, the City-wide single- <br />family rented properties would be 4 percent at maximum. <br />Table 2: Proposed Single Family Long-Term Caps per Zone <br /> <br />Potential Added <br />Rental properties <br />Total Rental Properties per <br />Zone Caps per Zone Percentage <br />Zone 1 1 7 4.5% <br />Zone 2 8 30 3.9% <br />Zone 3 8 31 4.0% <br />Zone 4 3 10 4.0% <br />Total 20 78 4.0% <br />The goal of the proposed single family rental housing ordinances has the following goals: <br />Goal 1. Preserve single family neighborhoods in the Village as the primary driver of <br />neighborhood character. <br />Goal 2. Preserve opportunities for interested families to purchase owner-occupied housing <br />(including both single- and multi-family housing types. <br />Goal 3. Seek opportunities for development of new housing that supports the goal of adding <br />affordable units in the community, whether through redevelopment, or through the use of <br />outside agency expertise. Preserve single family housing in the Village through limitations on <br />rental licensing that manage and avoid loss of such housing to investor-ownership. <br />Goal 4. Balance protection for ownership opportunities in ways that accommodate special <br />circumstances, and general healthy-market conditions, given the Village’s low rate of renter- <br />occupied patterns and higher housing values. <br />In addition to the proposed ordinance language, staff has been examining the City’s codes <br />related to rental housing and licensing, and has developed a lengthy list of updates and code <br />changes to better (and more consistently) address the rental licensing process. These range <br />9