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UID:Indybay-18730740
SEQUENCE:18832418
CREATED:20130124T192200Z
DESCRIPTION:Protect Affordable Rental Housing; No Fast-Track Condos!\nPress Conference 
 before Supervisors Land Use Committee Hearing\nMonday, January 28, noon\nSF 
 City Hall Steps\n\n\nSupervisors Scott Weiner (District 8) and Mark Farrell 
 (District 2) are sponsoring legislation that would allow 2,000 buildings 
 that are Tenancies-in-Common to immediately convert to much-higher-priced 
 condominiums. \n\nTheir law would allow 2000 Tenancies-in-Common to by-pass 
 the usual lottery process which limit condo conversions.  Condo conversions 
 provide the incentive for real-estate speculators to buy up buildings, 
 evict the tenants, get would-be home-owners to move into a building 
 together and share a mortgage (Tenancies-in-Common), promising them they 
 can then convert the building into much-more-valuable condominiums, where 
 the owners of each unit hold a separate mortgage and have the flexibility 
 buy and sell their units as individuals.  Affordable rental housing 
 advocates fought and won a lottery process to slow this condo-conversion 
 process way down, but Weiner and Farrell want to give speculators 2,000 
 buildings worth of  free passes to condo conversion, on a "one-time" basis. 
 Yeah, right!\n\nLow- and very-low-income seniors and disabled people are 
 particular vulnerable in this gruesome process, because they are more 
 likely to have lived a while in rent-controlled housing, which is the only 
 way they can afford to live in the City. When they are evicted as the first 
 step in this condo process, there is nowhere they can afford to live.  The 
 same goes for low-income working families.\n\nThe legislation to support 
 fast-tracking is sponsored by supervisors Scott Wiener and Mark Farrell. 
 The hearing where people can give testimony is Mon., Jan. 28 at 1pm. Press 
 Conference at noon on steps of City Hall.\n\n\nSome talking 
 points:\n\n\nTenants make up about 62% of the city's residents. \n\nThere 
 are over  200,000 rent control units in SF.  If a tenant vacates,  the 
 landlord can raise the rent to whatever he wants. New construction has  not 
 been covered by rent control since 1979.\n\nRents are rising steeply with 
 many studios renting for $2100 a month  and one bedrooms for $3000.\n\nThe 
 condo conversion law allows 200 TICs to be converted a year, but as many as 
 500 are actually converted.  \n\nTICs become TICs by evicting tenants with 
 Owner-Move-In Evictions, or the Ellis Act (landlord supposedly goes out of 
 business) or by buying tenants out.\n\nThe way to condo conversion is to 
 cannibalize rental units by getting tenants out, selling the units as TICs 
 and then getting on a waiting list for  condo conversion.  NOTHING IS ADDED 
 TO THE HOUSING STOCK.\n\nThere are about 25,000 new privately financed 
 condo units slated for  construction in SF in the coming years.  The 
 overwhelming majority of San Franciscans cannot afford them \n\nSome TIC 
 owners complain they can't get their units refinanced because of the way 
 their loans are structured.  It's only fair that they get refinancing. But, 
 they must organize themselves into standing up to the banks collectively to 
 win better mortgage deals. To open up the floodgates for more conversion 
 and push lower income people out of the city is not the answer \n 
 https://www.indybay.org/newsitems/2013/01/24/18730740.php
SUMMARY:Protect Affordable Rental Housing; No Fast-Track Condos!
LOCATION:SF City Hall Steps
URL:https://www.indybay.org/newsitems/2013/01/24/18730740.php
DTSTART:20130128T200000Z
DTEND:20130128T220000Z
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