TIC's: Unlucky to Get Unluckier? - NBC Bay Area

TIC's: Unlucky to Get Unluckier?

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    NEWSLETTERS

    Time's up on TIC owners who've waited years to condo-convert. For a couple years now, the city's made an exception on its random-lottery system of choosing the 200 TICs that get the divine privilege of converting to condos: people who had waited longest to convert got priority for the jackpot. During its short tenure, the experimental system's made at least a few people happy— a unit that got its name on the list in 2002 would have waited only five years to get the OK for conversion in 2007. As more units pile onto the list, though, the waiting period will get longer and longer as the conversion cap remains at 200— a TIC in 2010 will likely have to wait until 2034 to condo-convert. (Talk about disincentive...) Tomorrow, city lawmakers will vote on whether to keep the hybrid seniority-lottery system in place— if nay they say, you can probably shelve those condo-conversion dreams.

    · Condo lottery slow to convert [SF Examiner] · Few Feel Lucky in Condo Lotto [Curbed SF]

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