Conducted, studying the effects of a condo converse study two years ago. Happy to provide you with that. But thats where that fee emanated from. Cochair kim in terms of depending on the number of years obviously that fee reduces down to 4,000. I know theres concern about whether 4,000 per unit can mitigate the loss of rent control units. Beyond the normal existing procedure that we have currently for to ensure that theres sort of a metered rate at which we lose basically lose rent controlled units. Supervisor farrell i challenge probably the premise of that comment but i will say that the amount of fee reduction was a balancing act and to the City Attorney can speak to further detail about that. We have to match that with the nexus study but also there is at a certain point a breakage point where people will not be incentivized to go forward and pay a fee. If they are seniority base you have a greater chance of winning the lottery. If you have missed it for x number of years you will b
I dont. I suspect youre looking at theres probably conversions in there and new construction. New construction cochair kim i see. So new construction is also included in that as well. Im not sure where those stats came from but i can assure you that 200 no more than 200 units a year get converted from existing residential units. Cochair kim okay. Thank you very much. Sure. Chair wiener president chiu. Supervisor chiu a couple of additional followup questions to supervisor kims questions. This is either to the Controllers Office or to the author of the legislation around the how the fee was set. When i looked at the controllers nexus study on how this was done, i understand this proposal creates a 20,000 conversion fee. And what the nexus Study Suggests is that that would be a potential fee that could be justified for 300,000 t. I. C. , but for 400,000 t. I. C. The nexus Study Suggests that you could have a conversion fee of about 30,000 and for a half a million, 500,000 t. I. C. The ne