Details for Mayor Newsom’s proposed one-time condo conversion lottery bypass for a fee for owners of tenancies in common (TIC’s) by way of Plan C San Francisco:
TICs must have participated in the 2010 condo conversion lottery in order to be eligible for the condo bypass.
The fee for the bypass starts at $20,000 per unit for those who first participated in the lottery in 2010, and declines by 20% for each previous year of unsuccessful lottery participation. So, if 2010 was the first year your TIC participated in the lottery, your fee [would] be $20,000 per unit in the building.
If 2010 was your second year [of lottery participation] your fee [would] be $16,000 per unit. If 2010 was your third year of participation your fee [would] be $12,000 per unit. If 2010 was your fourth year [it would be] $8,000/unit, and if it was your fifth year [or] beyond, $4,000/unit.
Also noted, “If your TIC only qualified to participate in the last 25 units which were drawn from Pool B of the 2010 lottery (because of eviction history), you [would not be] eligible for the one-time bypass.”
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