Dear PoP – Ownder Occupancy Ratios

Photo by PoPville flickr user pablo.raw

“Dear PoP,

I live in a medium sized condo building that has been around for a few decades now (beforehand it used to be a hotel). Our building management has alerted the condo board that the owner occupancy ratio is getting quite low – close to 55%. The board is looking at ways to manage this low owner-occupancy ratio, in light of FHA lending requirements. Currently the building’s by-laws do not have any restrictions or incentives to keep the owner-occupancy ratio high.

I was wondering if you, or any of your readers, had encountered this issue and how they dealt with it.”

Anyone live in a condo building that has rules/laws/incentives to keep the owner-occupancy high? Is it just a matter of convincing the board? If you have any of these rules/laws – what are they?

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