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Newsom/Alioto-Pier Condo-Conversion Plan Defeated
Tenants achieved a major victory today as the Board of Supervisors voted down legislation that would have allowed hundreds of owners of “tenancies in commons” (TIC’s) to convert their homes into condominiums. Despite massive mobilization amongst TIC owners and real estate speculators in support of the plan, the Newsom-backed legislation couldn’t overcome concerns that it could spark a new wave of evictions across the City.
The Board voted 6-4 against the legislation, with Bevan Dufty, Michela Alioto-Pier, Fiona Ma and Sean Elsbernd representing the losing votes. Ross Mirkarimi had to excuse himself due to his ownership of a TIC.
The legislation, sponsored by Dufty and Alioto-Pier, would have created a massive loophole in San Francisco’s current law surrounding the conversion of housing units into condominiums. As it stands, those who purchase a TIC – a building in which several parties own the building, share the mortgage, and live in separate units – must enter a lottery before they’re allowed to convert their specific unit into their own private condominium.
The lottery only allows 200 people a year to convert their homes into condos. This cap was originally intended to stop a rash of speculation by real estate interests, who would evict tenants living in the TIC they purchased, then resell the building soon after at a profit.
Dufty and Alioto-Pier’s proposed legislation would allow every owner who currently lives in their unit and is waiting in the lottery – about 1500 people – to be immediately allowed to convert their unit into a condo. This loophole would include TIC owners who had not lived in their unit for at least three years, a necessary requirement in the current condo conversion law before one can enter the lottery.
In addition to concerns over evictions, members of the Board noted they felt a compromise had already been reached concerning TICs last November, when Chris Daly passed legislation limiting evictions of seniors and disabled people for the purpose of purchasing a TIC.
“We just went through this debate,” said Daly. “We came to a very hard fault compromise. I feel like there was a deal made. I didn’t get everything I wanted…but the legislative process happened.”
Despite the Board voting no, several members expressed working on the issue of TICs in the future. In particular, Tom Ammiano and Jake McGoldrick stated that if the Dufty-Alioto-Pier legislation represented part of a bigger package that assured more rental units would be added to San Francisco’s housing stock, they might support it.
“This should be the beginning of the discussion, not the end,” said Ammiano.
The legislation, sponsored by Dufty and Alioto-Pier, would have created a massive loophole in San Francisco’s current law surrounding the conversion of housing units into condominiums. As it stands, those who purchase a TIC – a building in which several parties own the building, share the mortgage, and live in separate units – must enter a lottery before they’re allowed to convert their specific unit into their own private condominium.
The lottery only allows 200 people a year to convert their homes into condos. This cap was originally intended to stop a rash of speculation by real estate interests, who would evict tenants living in the TIC they purchased, then resell the building soon after at a profit.
Dufty and Alioto-Pier’s proposed legislation would allow every owner who currently lives in their unit and is waiting in the lottery – about 1500 people – to be immediately allowed to convert their unit into a condo. This loophole would include TIC owners who had not lived in their unit for at least three years, a necessary requirement in the current condo conversion law before one can enter the lottery.
In addition to concerns over evictions, members of the Board noted they felt a compromise had already been reached concerning TICs last November, when Chris Daly passed legislation limiting evictions of seniors and disabled people for the purpose of purchasing a TIC.
“We just went through this debate,” said Daly. “We came to a very hard fault compromise. I feel like there was a deal made. I didn’t get everything I wanted…but the legislative process happened.”
Despite the Board voting no, several members expressed working on the issue of TICs in the future. In particular, Tom Ammiano and Jake McGoldrick stated that if the Dufty-Alioto-Pier legislation represented part of a bigger package that assured more rental units would be added to San Francisco’s housing stock, they might support it.
“This should be the beginning of the discussion, not the end,” said Ammiano.
For more information:
http://www.beyondchron.org/default.asp?sou...
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