SAN FRANCISCO (KCBS)— San Francisco Board of Supervisors’ Land Use Committee has approved a compromise plan dealing with condo conversions.
Many affordable housing advocates support the measure, while tenancy-in-common (TIC) owners have concerns.READ MORE: Vietnam Airlines Launches First Non-Stop Service From SFO To Ho Chi Minh City
Converting a TIC to a condominium can raise that property’s value and make it easier to refinance.
The compromise plan would allow TIC owners to pay a $20,000 fee to do a conversion with the money going to affordable housing.
It would also do away with a condo conversion lottery for at least 10 years as well as enforce lifetime leases for current tenants.READ MORE: Gov. Newsom Enlists California Highway Patrol To Help Stop Smash And Grab Robberies
Supporters have said the plan is needed to protect renters. But critics said it’s already hard enough for TIC owners to stay afloat.