So much for promises. The 275 property owners who bought their homes with assistance from the city between 1979 and 1992 are now looking at some tight restrictions they were either told wouldn't apply or would expire by now. The program was the city's first effort to help residents buy into a hot housing market, and made properties available for below-market rates. Now, in order to sell them, the Mayor's Office of Housing says those homeowners, mostly concentrated in the Outer Sunset and Glen Park, need to sell below market-rate, or be subject to fees between $150,000 and $500,000. Is fair fair for these still relatively lucky homeowners, or is the city screwing them out of their earned value? In this economy, every
little bit $100K counts, so expect a lengthy legal battle on this one.
· SF Homeowners miffed by assistance program [SF Examiner]