Proposed New Condominium Lottery Bypass Law — TIC, Equity Sharing and Shared Ownership Knowledge Base
What’s the deal with TICs now?
The condominium conversion lottery reform and bypass legislation, originally introduced by San Francisco Supervisors Wiener and Farrell last spring, has been completely rewritten by Supervisors Chiu and Lee in an attempt to placate tenants rights advocates. The latest version, introduced at the April 15, 2013 meeting, contains tradeoffs which are opposed by the original sponsors and many real estate groups, including suspension of the existing conversion lottery for at least 10 years, and permanent disqualification of many buildings that qualify for condo conversion under existing law. This article summarizes the major elements of the currently proposed condominium conversion lottery bypass measure.