With over 2,500 units expected to enter San Francisco’s 2012 condominium conversion lottery to be held on the first of February, and with only two hundred (200) rights to convert to be won, under one in twelve of the entering units will win this year versus one in five when 994 units applied in 2003.
The deadline to enter the 2012 lottery is this Friday, January 20 at 4:45 PM. And based on the current lottery structure and backlog, new entrants can expect to apply for up to 15 years before winning the right to start navigating the waters to convert as charted above.
In 2010, San Francisco’s Budget and Finance Committee voted 3-1 to kill a proposed one-time condo conversion lottery bypass for a fee intended to help clear the lottery backlog while raising a projected $8 million dollars for affordable housing.
∙ San Francisco Condominium Conversion: 2012 Lottery Details [sfdpw.org]
∙ Condo Conversion 2011: Are You Feeling Lucky Punk? Well, Are You? [SocketSite]
∙ Budget and Finance Committee Kills Condo Lottery Bypass For A Fee [SocketSite]
∙ Condo Lottery Bypass For A Fee Resurfaces In Mayor’s New Budget [SocketSite]