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Economic & Planning Systems, Inc.13 <br />TENANT RIGHT TO RETURN - WHAT ARE POTENTIAL IMPACTS? <br />Long-term obligations and costs may deter projects that require <br />tenant relocation and / or incentivize permanent removal of <br />rental units from market (e.g., condo-conversion) <br />•Post-1995 market rate multi-family: May reduce financial incentives for <br />rehab/remodel projects. Impacts can be mitigated over time with rent increase <br />•Pre-1995 market rate multi-family: More difficult to address issues with limits <br />on rent increases, absent successful petition for upward rent adjustment <br />•Single-family, condos, ADUs: May incentivize some owners to permanently <br />remove units from the rental market <br />•Affordable housing: Less impact because already required to comply with <br />similar requirements under TPO and State law <br />•RHNA: Could decrease feasibility of new development. But historically, most <br />development in City does not displace existing residential.