Mayor Gavin Newsom is proposing amendments to the city’s condominium conversion ordinance to provide that any building that participated in the 2010 condominium lottery but was not selected for conversion may bypass the annual lottery limitation if the building owners comply with applicable conversion rules and pay a conversion fee of $20,000 per unit for the entire building no later than February 1, 2011. The fee would be reduced for each year the building has participated in the condominium conversion lottery up to and including the 2010 lottery according to a stated formula.
Under the proposed amendments, the Department of Public Works would determine whether an applicant’s condominium subdivision application is complete or the application is deemed complete by operation of law by July 31, 2011. The applicant would have to obtain final and effective approval of the condominium subdivision or parcel map no later than December 31, 2011.
The proposed amendments got there first public airing yesterday at the supervisors’ budget and finance committee.