Newsom Says Ditching the Condo Lottery Will Make City Money

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    NEWSLETTERS

    TK
    Mayor Gavin Newsom says adding more condos could add money to the City's wallet.

    Not that there's ever really a silver bullet for budget probs, but San Francisco Mayor Gavin Newsom's proposing killing the condo lottery, and instead replacing it with a simple condo conversion fee.

    The plan he says could generate tens of millions for the cash strapped City, according to the SF Examiner.

    And if the mayor's wishful thinking does come true, the Board of Supervisors would "immediately" adopt his legislation.

    As the supervisors insist, the proposal's a nonstarter because the lottery for allowing tenancies in common to convert to condos exists as a disincentive to landlords to kick out their renters and go condo.

    As has been true for a while, San Francisco limits condo conversions to 200 a year, with winners drawn from a lottery (though there are apparently ways to skirt the system).

    Ultralib Supervisor Chris Daly says the conversion fee money "could go straight to Mother Teresa and it's still a bad idea."