Big Changes to Condo Conversion Process in San Francisco

Tim J Gullicksen Zephyr Realty advices residents on the changes to the condominium conversion process in San Francisco.

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San Francisco, CA (PRWEB) June 27, 2013

There were changes to the condominium conversion process and the legislation proposal for San Francisco TIC (Tenancy in Common) properties. Tim J Gullicksen Zephyr Realty wants to make residents aware of the changes and how they will affect them.

In an attempt to help homeowners in TICs, two San Francisco supervisors last year proposed legislation to allow about 2,200 TIC units on the waiting list to be converted to condos. In exchange, each would contribute a hefty sum — $20,000 — that would go toward new affordable housing development.

It seemed like a win-win proposition. But nothing is simple when it comes to San Francisco's housing politics. Convinced that loosening the condo conversion rules would spur the creation of more TICs and further displacement of tenants from the city's dwindling rent-controlled housing stock, tenant advocates fought back and won.

Condo conversions can be regulated by the city, but there's no legal mechanism for challenging the creation of TICs. Tenant’s rights advocates believe that if condo conversions are limited, TICs may become less popular. The units could be converted to condos over a seven-year period, with TIC owners who have lost the lottery several times getting priority. The legislation would prevent the lottery from resuming until 2024.

For questions on TICs or the legislation, please call Tim J Gullicksen Zephyr Realty at (415)674-6500 or visit the website for more information, http://www.timgullicksensf.com.

About the company:
Tim Gullicksen of Zephyr Realty is a San Francisco real estate agent who specializes in a broad spectrum of San Francisco real estate property types, from affordable units sold through the Mayor's Office of Housing to multi-million dollar buildings and single-family homes. Gullicksen works with experienced and first-time homebuyers in San Francisco to find them the right home.

For more than 30 years, Zephyr Realty has been one of the most respected real estate firms in San Francisco. Its reputation as a highly professional and effective group of agents is recognized by both clients and the entire real estate community as the most successful independent real estate firm serving San Francisco, with more than $1 billion in gross sales annually. Its real estate agents understand the San Francisco market like no one else.


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