Okaloos Island condo owners may be able to keep their properties in the city but they will need to pay to relocate.
The city is proposing a new policy that allows owners to relocate within a two-year period, and residents can move within the city if they pay an additional $2,500.
The cost is to be paid by all owners who are registered to vote.
The move is part of a new city policy designed to prevent future housing shortages and to ease pressure on existing units.
Property owners are currently allowed to move within city limits, but the new policy would allow them to do so for two years and then move.
If an owner moves within city boundaries, they would have to pay $2.50 per square foot in rent, up from the current $1.50.
They would also have to make an annual contribution to the city’s general fund.
The policy will come into effect on Tuesday.
In response to concerns about rental costs and increased competition in the market, city council passed an ordinance last week requiring condo owners to move if they are unable to find a new home within city-limits.
The condo owners would have the option of moving within the next three months or paying a fee of $150 a square foot.
If they choose to move, they will also have the choice of staying in the Okaloas and paying an annual rent of $1,000.
The city said it is also working on a new rule that would require condo owners in the area to pay a $50 annual rent increase to residents.
Councilwoman Julie McKeown said the city is “going to take steps to keep people safe” by keeping the community together and ensuring the condo rules are followed.
The new condo rules would allow condo owners who want to move to move at a certain point in the future, but not within a year.
McKeon said the change would help ensure that the city will be able accommodate new condo construction.
McKeon, who is a member of the City Council’s Committee on Housing and Urban Development, said she hopes the move will encourage condo owners and other residents to move and not “put pressure on the market.”
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