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TICs in Distress

Supervisor Farrell started a discussion on Tenancies-in Common today at the BOS meeting, bringing up the idea of condo lottery by-pass legislation- a one-time opportunity to pay a fee, bypass the lottery, and go straight to condo. The Mayor said he was open to the idea in principle as long as it balances need for revenue, affordable housing, and the rights of tenants who could be affected by a change in policy. He admitted that condo conversion has been contentious for a number of years, especially with the housing bubble burst and the need to preserve existing rental stock. Basically, if the legislation gets drafted, no idea is off the table. [Image via Fog City Journal]