In what's being called the largest Ellis Act eviction in San Francisco, the owners of 901 Bush Street announced they will empty the building for conversion to TIC's.
While everyone is saying "that's crazy" to trying to convert a thirty-eight unit building, the article ignores new financing options for TICs that are making them much more attractive investments, primarily the recent availability of independent financing for each unit. The current owners would do better with selling slightly risky TIC units -- perhaps at somewhat discounted asking prices -- than having to move back all those rent-stabilized tenants. Who, like never die fast enough.
· Largest Ellis Act Invoked [BeyondChron]