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Few Feel Lucky in Condo Lotto

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Yesterday saw 60 upstanding San Francisco Buildings owners and Tenancy-in-Common (T.I.C.) residents politely protest the traditional condo-conversion lottery on the steps of City Hall. Each year, in an effort to limit the number of evictions and reduction of rental properties, the city permits the conversion of only 200 residential units into condominiums. This year, that meant a 1/10 chance of converting your unit and a 1/500,000 chance of hitting the Superball Jackpot. Not terrible odds, but not good enough for people who have been waiting years for their number to come up. Plan C, an organization supporting home ownership, argues that the lottery has made made obsolete thanks to a Peskin-sponsored law that prohibiting conversions of properties for 10 years where no- fault evictions occurred. Besides the pride of owning your own personal space, converting a unit into condos can help the owner secure a mortgage, take out equity, increase the resell value of their property, and make them generally more attractive as human beings.
· TIC owners decry S.F. condo conversion rules [SF Gate]

[image via SF Gate]