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February 2, 2011

Good Luck in the Condo Conversion Lottery!

Our city’s annual condo conversion lottery takes place today. I’d like to extend my best wishes to all those TIC owners who have been waiting years for their multi-unit buildings to earn the right to condo convert. TIC ownership in San Francisco is no cakewalk, especially for those sharing loans with their TIC partners.

I’m hoping that our current Board of Supervisors will make headway toward clearing the backlog of homeowners who live in their units and aren’t causing any threats to the housing stock or renters in the city. These are folks who purchased TIC units as a way to own a home they could not otherwise afford were it a condo or single-family.

I spoke yesterday to The Bay Citizen/New York Times reporter Scott James about the current state of the TIC market, so more to come on that. But today is for congratulating lottery winners and sending positive energy to the homeowners I know who have been waiting four or more years to win.

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