Last year when Mayor Newsom released his proposed budget for San Francisco a proposal to allow owners of tenancies in common (TICs) to bypass the city’s condo conversion lottery for a fee had fallen by the wayside.
This year, however, the proposal is in.
Currently, about 1,800 tenancies in common, where a group of people own a building together rather than their individual units, have applied for the city’s 200 slots a year for condo conversion, said Greg Wagner, Newsom’s budget director.
Charging homeowners $4,000 to $20,000 to forgo the lottery would raise a projected $8 million that would be spent on affordable housing, Wagner said. Similar efforts have failed amid concern that they would increase renter evictions.
As we wrote a year-ago: Condo Conversion For A Fee? Yes Please (But Not Just Once).
∙ Condo Conversion (And TIC Lottery Bypass) For A Fee? Nope. [SocketSite]
∙ Newsom’s budget foresees layoffs, program cuts [SFGate]
∙ Condo Conversion For A Fee? Yes Please (But Not Just Once) [SocketSite]