San Francisco Supes Looking for Deal on 'Tenants-in-Common' Issue
San Francisco supervisors are still trying to hammer out a compromise over a controversial proposal to allow over 2,000 tenancy-in-common units, or TICs, to convert directly into condos.
Many TIC owners say they are stuck in bad mortgages, and will need to wait over a decade in the current city-run lottery to convert into condos so they can sell or refinance. But tenants' advocates believe allowing TICs to skip the lottery will encourage real estate speculation.
Supervisors looking for a compromise think it may lie in offsetting the number of affordable housing units lost through this one-time condo conversion deal. Supervisor Jane Kim says a deal might involve building more affordable housing, or putting a moratorium on the conversion lottery for a number of years.
Another hearing on the issue is scheduled for March 25.