May 20, 2005
TIC Owners/Buyers Beware
Tenancy-in-common (TIC) units created through an Ellis Act eviction of previous building tenants may be denied eligibility for condo conversion in San Francisco.
On Tuesday the San Francisco Board of Supervisors rejected the condo conversion application for the six-unit building at 400-410 Vallejo based on Section 1386 of the city’s Subdivision Code. Section 1386 prohibits the use of evictions “for the purpose of preparing the building for [condo] conversion”.
The once overlooked section of the city's Subdivision Code is no longer flying under the radar of the Board of Supervisors and could have a serious impact on the liquidity and value of existing TIC units in San Francisco that were created by means of an Ellis Act eviction.
· Supes use obscure law to reject condo conversion [Examiner]
First Published: May 20, 2005 3:00 PM
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