Once again a proposal to allow TIC owners to bypass the lottery in order to condo convert is being considered. This measure has come up many times in the past and each and every time the political ambitions and concerns of the individual supervisors trumped good sense. This time around market conditions and the sheer size of the city’s budget deficit might prove to be the perfect storm to get this measure through. This proposal will garner a hefty fee from eligible TIC owners( $4,000-$20,000). The current estimate is that the city stands to gain 8 million dollars. And, it seems that we might finally have a Board of Supervisors who understand that the people who owner occupy their TIC shares are not the wealthiest San Franciscans, and that for many the only road to affordable home ownership is and was a TIC.
If you are a TIC owner and/or believe that homeownership is a good thing for San Francisco put some pressure on your supervisor to make this proposal a reality. This really is a win win.
One out of every twelve apartments in San Francisco is left intentionally vacant. Why? Rent control. No regular person that owns a small building wants to deal with the extraordinarily restrictive pro-tenant housing laws. I don’t. And all of my clients don’t either – not when they hear the downsides of renting property in San Francisco. Here’s a story that proves that point.