Something to consider if you’re purchasing a TIC with the intent of converting it into a condominium:
With the number of condo conversion applicants increasing each year, the odds will get worse for each incoming group. For example, an applicant who entered the condo lottery in 2002 becomes an automatic winner in 2007. However, applicants who enter the lottery four years from now, in 2010, could face a waiting period of up to 24 years, the DPW report notes.
This year, 1652 units (537 buildings) applied for conversion permits (which are currently limited to 200 units per year).
∙ Condo permit odds toughen [Examiner]