San Francisco Condo lottery bypass for TIC's will help so many people!
I wanted to give you an update on my article a few months ago on the much needed proposed new legislation by San Francisco Supervisors Scott Wiener & Mark Farrell being considered by the San Francisco Board of Supervisors.
This is a key piece of legislation that will address the annual condo conversion lottery. Designed expressly to squelch condo conversions, the lottery limits conversions of tenancies in common to condos to 200 units per year. Demand has always exceeded supply, with a backlog that has grown steadily to nearly 2,400 this year — so 12 year's worth of conversions. Some applicants might wait 15 years to convert.
If passed this legislation would help clear this backlog, allowing all existing applicants to convert their tenancies in common to condos. Provided they can pay a $20,000 fee to do so.
It’s a great deal for the city, which would net an estimated $25 million in new revenue devoted to fund affordable housing in a time when we so greatly need it. Which is why San Francisco Condo lottery bypass for TIC's will help so many people!
It does not increase tenant evictions, tenants who want to continue to rent their home in a building that converts through the proposed legislation will receive very generous leases. The way the legislation is currently written it contains "No sub divider or subsequent condominium unit owner shall refuse to renew a lease of extend a rental agreement to any non purchasing tenant as of the date the building makes the fee payments pursuant to Sections (c) above. Any extended lease or rental agreements made pursuant hereto shall expire only upon the death of demise of such tenant or the last surviving member of the tenan's household, provided such surviving member is related to the tenant by blood, marriage, or domestic partnership, and is aged 62 or older at the time of death or demise of such tenant, or at such time as the tenant voluntarily vacates the unit after giving due notice of such intent to vacate the unit upon 30 days' notice."
It does not change any of the eligibility requirements, all current restrictions and guidelines for a building to be eligible for condo conversion still apply.
Currently the legislation has been assigned to the Land Use Committee of the Board of Supervisors. The committee is made up of three supervisors; Scott Wiener, Eric Mar & Malia Cohen.
This is where you can help!
Call your local supervisor, to find out who your supervisor is take a look at this map and let them know you support "the one time lottery bypass condo legislation"
Contact anyone at Plan C and volunteer or get involved, they need your support!
We would be happy to help you buy or sell a condo or TIC in San Francisco for more information please go to:
Frank Castaldini – Your San Francisco Realtor and Trusted Advisor!