An update on SF TIC lottery bypass legislation

Posted On: Friday, July 27, 2012 - 7:18am | Posted By: Matthew Fuller, GRI
Topics: Laws and Regulations | Tags: condo conversion, tenancy-in-common, TIC

A few months ago, legislation was introduced that would allow eligible 3 - 6 unit TIC buildings to pay a hefty fee to bypass the existing TIC to condo conversion process. 

The good folks at Plan C have been working hard to get the word out and dispel many common myths about the legislation. We've written much more extensively about the proposed lottery bypass condo legislation, including details about how it would affect existing tenants, impact the city budget, and how the legislation will be handled by the Board of Supervisors. 

It's a myth that most TIC buyers are super-rich individuals out to destroy tenants. Most TIC purchasers are middle-class individuals and families that purchase a tenancy-in-common share because it is their only opportunity to remain in San Francisco as property owners. 

We have a golden opportunity to pass this legislation, so please read up on it and get involved. Share your story, talk to your friends and neighbors, and contact your Supervisor. The next several months are incredibly critical to helping move the lottery bypass legislation forward. 

Matt Fuller, GRI

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