Join Next Week’s Condo Conversion Rally at City Hall

My friends at Plan C are organizing a rally on the steps of City Hall next week, in support of expediting condo conversion. Here’s the lowdown, straight from Plan C:

“Please join Plan C at 8:15AM on Wednesday, Feb. 3, on the City Hall steps for a rally to support condo conversion reform! As many of you know, the condo lottery drawing happens at 9AM on February 3, and we’ll be done in time for you to attend the lottery itself.

You may have read within the last few months in the Chronicle and in the Examiner that the mayor’s office is considering again the possibility of a condo-lottery bypass initiative for qualifying TIC owners.

As you are already aware, expediting the conversion of owner occupied TICs to condominiums would help bring ownership and mortgage relief to middle income San Franciscans and has the potential to bring significant revenue to the city during this time of budget and financial distress. The revenue collected could have a meaningful impact to the city’s bottom line and has the potential to save crucial city jobs and services from further cuts.

The expediting of TICs to condominiums would be facilitated by the payment of a specified fee to the City that is higher and in addition to the usual mapping and permit fees collected from winners of the current condo conversion lottery. The fee would likely only be available to owner occupied TICs that are lottery eligible.

The proposed fee for the bypass of the lottery hasn’t been set, and we would like to again call on you for your input. The fee has to be low enough for TIC owners to be willing to pay it (and to be fair) – but also high enough to be meaningful to the City’s budget deficit. Initial discussions concerning the development of this initiative have considered fees in the $20,000-40,000 range per unit or 5-10% of a unit’s value.

As usual, we encourage you to email the supervisors (particularly your supervisor) on the need for condo reform by going to our Plan C Web site and clicking on “‘Contact City Hall.'”

2 responses to “Join Next Week’s Condo Conversion Rally at City Hall”

  1. LN says:

    I am a TIC owner and in favor of ways to facilitate conversion for owner occupied units. Yet 10% is really high, on top of the fees, permits and required work that would need to be done. We could not manage more than 5%, and that is a stretch. I think to make this initiative more appealing to TIC haters, it would be cool if a portion of the money (or all of it) could be used for creating or improving creative, affordable housing options for long-time residents of San Francisco, families and people with disabilities.

  2. insidesfre says:

    Thanks for your very thoughtful comment. I think there will continue to be a lot of political wrangling where TICs and condo conversion expedition are concerned. The fact remains that there are many more renters than owners in the city, and the Tenants’ Union is a very strong political force. By all means, make your voice heard whenever possible–email or call your supervisor and let him/her know how you feel. San Francisco really is a very grassroots type of town, and any communication to supervisors is taken into consideration.

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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