San Francisco Plan To Allow TIC Owners To Simply Pay To Condo Convert

With San Francisco desperate for funds they may resort to the ideas of TIC owners simply paying to condo convert instead of going through the current lottery process. As it stands now, TIC owners can apply for condo conversion however no guarantees exist.

Currently, about 2500 applicants enter the condo conversion lottery and with only 200 winners selected the odds remain slim. Mike Sullivan, a co-chairman of Plan C, held a rally yesterday on the steps of City Hall to create another option for TIC owners to bypass the lottery by paying $10,000 to $15,000 into a local affordable housing fund. Their thinking stems from the fact that The City needs more condos to allow middle class, first-time homebuyers to enter the high priced San Francisco market.

Executive director of the Tenants Union Tim Gullicksen thinks that the proposed plan would lead to more tenant evictions.

Will this be a case of the richer (landlords) versus the poorer (tenants)? We hope not. Stay tuned.

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Filed under California, San Francisco

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