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Compromise Plan For SF Condo Conversions Moves Forward, May Benefit Affordable Housing

SAN FRANCISCO (KCBS)— San Francisco Board of Supervisors' Land Use Committee has approved a compromise plan dealing with condo conversions.

Many affordable housing advocates support the measure, while tenancy-in-common (TIC) owners have concerns.

Converting a TIC to a condominium can raise that property's value and make it easier to refinance.

The compromise plan would allow TIC owners to pay a $20,000 fee to do a conversion with the money going to affordable housing.

It would also do away with a condo conversion lottery for at least 10 years as well as enforce lifetime leases for current tenants.

Supporters have said the plan is needed to protect renters. But critics said it's already hard enough for TIC owners to stay afloat.

Compromise Plan For Condo Conversion Moves Forward, Would Benefit Affordable Housing

The plan heads to the full Board of Supervisors May 7th.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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