Industry NewsNews Brief

Condo converters may get to jump line, if they pay up

From Curbed.com blog
Published on Feb 10, 2009

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

SAN FRANCISCO -- Strapped for cash, the city has spotted a potential extra spot of revenue in the long line of TICs waiting to convert to condos: Allow them all to jump the line and skip the lottery -- just this once, and for a fee.

Last we heard, the line to condo-convert was getting so long that a tenancy-in-common that got in line in 2010 would have to wait until 2034 before being allowed to convert to condos, a length of time that some would hysterically consider just way too freaking long (note that only 200 are allowed a year).

 

Comments