Having been “dyed in the wool Newsom and Dufty supporters,” San Francisco’s Plan C isn’t too happy about either gentleman’s support of Supervisor Peskin’s recent legislation.
Whether or not you agree with Plan C (billed as “The Moderate Voice of San Francisco”), it will be interesting to see what eviction statistics the group’s Chair (Mike Sullivan) dishes out in the San Francisco Business Times tomorrow. (He teased us with a “the total evictions story shows anything but a crisis” line and promises to “show the unintended consequences of overregulation of the real estate market.”)
Call us crazy, but wouldn’t it have been more effective to have published this information prior to the Board of Supervisors vote?
∙ Plan C [plancsf.org]
∙ Prohibition On Condominium Conversion Passes [SocketSite]
This ordinance does not prevent Ellis Act evictions and only blocks condo conversion of a TIC. It seems to me this is going to create higher demand for the banks to offer individual TIC loans – which they are already doing albeit on a small scale. In other words, a little creative financing could easily nullify the objective of this ordinance. How long will it take people to figure that one out?
I agree with the above-analysis. Once widespread individual TIC loans are available, it won’t matter much whether the unit can be converted to a condo.
I also think that what Dufty did was okay. If he hadn’t, then either it would have passed retroactive to 1999 or, if Newsom vetoed it, it would have been on the next possible ballot with 1999 retroactivity. Is short, Dufty made the best of a bad situation.