The Board of Supervisors suspended the city’s infamous condo conversion lottery in 2013 until 2024, replacing it with an expedited conversion for eligible TIC groups. However, you may not know is that some TIC groups are currently eligible to condo convert.
It all has to do with the date of your TIC agreement, says law firm Goldstein, Gellman, Melbostad, Harris and McSparran. Three- to six-unit buildings that had a signed TIC agreement in place as of May 1, 2013—and which meet new six-year owner occupancy requirements—will be eligible to condo convert over time. Owners will each need to pay the $21,000-per-unit fee, as well. Continue Reading