With an estimated 2,500 units entering San Francisco’s 2011 condominium conversion lottery (up 15 percent from 2,179 in 2010), just under one in twelve of the units will win one of the two hundred rights to convert versus just over one in five when 994 units applied in 2003.
At the same time, according to Plan C San Francisco which plans to hold a condo conversion reform rally on the steps of City Hall before the February 2 lottery drawing at 9am, no fault evictions in San Francisco have dropped from 703 in 2003 to 159 last year.
A bit of conversion background:
In 1982, in response to the conversion of large apartment complexes, then Mayor Feinstein, rather than place a moratorium on condo conversions, recommended legislation to allow only 200 conversions per year and limit conversions to buildings with 6 units or fewer.
Interestingly though, Mayor Feinstein’s recommendation was based upon her understanding that “the figure 200 is realistic under present economic conditions in that it covers the actual number of residential units converted in the past two years in this category.”
As always, we’ll keep you plugged-in.
∙ Condo Conversion 2011: Are You Feeling Lucky Punk? Well, Are You? [SocketSite]
∙ It’s Golden Ticket Day For 200 Condo Conversions In San Francisco [SocketSite]