Real Estate Investor
City knocks homeowners with TIC deal
by John Zipperer
On June 11, the San Francisco Board of Supervisors voted to change the tenants-in-common (TIC) condo conversion system. But they took a bill to enable a larger-than-normal group of TIC owners to become condo owners and turned it into a bill that will all but kill condo conversions for the foreseeable future.
KQED News headlined its report “San Francisco Supervisors Pass TIC Condo Conversion Expansion,” and that’s certainly how the veto-proof eight-vote majority of the board would like it sold. But what the majority, led by Board President David Chiu, did was play opposites ...