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UPDATE: TIC/Condo Bypass Legislation
For the past two weeks, SFAR has participated in stakeholder meetings with tenant advocates and Supervisor Mark Farrell in an attempt to find a compromise to amend the TIC/Condo Bypass Legislation which originally sought to help the 2,000 condo lottery applicants access historically low bank financing. The amended legislation creates devastating and permanent changes to the condo lottery system which will create barriers to home ownership for decades to come. In particular, the amended legislation would:
- create a minimum 10-year moratorium on the condo lottery
- eliminate 5-and-6 unit buildings from the lottery
- create new occupancy requirement to effectively eliminate 4-unit buildings from the lottery; and
- provides a “poison pill” which halts the bypass if anyone were to sue challenging it while not reinstituting the lottery. It essentially invites law suits.
Tell Supervisors David Chiu and Norman Yee that the amended legislation is designed to destroy the condo lottery and hurts home ownership. You can email or call them at:
David Chiu – David.Chiu@sfgov.org – (415) 554-7450
Norman Yee – Norman.Yee@sfgov.org – (415) 554-6516
Thank Supervisors Malia Cohen, London Breed, Katy Tang, Scott Wiener, and Mark Farrell for their efforts to provide needed help to existing TIC owners in the original legislation and their steadfast opposition to the amended legislation, which seeks to destroy the lottery. You can contact these supervisors at:
Malia Cohen – Malia.Cohen@sfgov.org – (415) 554-7670
London Breed – London.Breed@sfgov.org – (415) 554-7630
Katy Tang – Katy.Tang@sfgov.org – (415) 554-7460
Scott Wiener – Scott.Wiener@sfgov.org – (415) 554-6968
Mark Farrell – Mark.Farrell@sfgov.org – (415) 554-7752
Lastly, please contact Mayor Lee and thank him for his commitment to veto the bill unless it receives more than 6 votes. Mayor Lee can be contact at:
Mayor Edwin Lee – mayoredwinlee@sfgov.org – (415) 554-6141
To download a PDF version of this newsletter click here: UPDATE-TIC_Condo Bypass Legislation
Disclaimer: The information in this post was provided by the San Francisco Association of Realtors