With supervisors Farrell, Tang, and Wiener opposing, San Francisco’s Board of Supervisors have voted 8-3 to adopt the proposed condominium conversion lottery bypass legislation as last amended.
Assuming it isn’t vetoed by the Mayor, the legislation will establish a bypass period during which qualifying TICs can condo convert for a fee; establish lifetime leases for tenants in converting non-owner occupied units; restrict future condominium lotteries to buildings with no more than four units; and suspend San Francisco’s annual condominium conversion lottery until at least 2024.
Buildings which participated in either the 2012 or 2013 lottery and have been continuously occupied by the required number of owners for no less than five years as of April 15, 2013 will immediately qualify for the bypass. Buildings which participated in either the 2012 or 2013 lottery and have been continuously occupied by the required number of owners for no less than three years as of April 15, 2014 would qualify on that date.
Buildings which did not qualify or participate in either the 2012 or 2013 lotteries will eventually be eligible to participate in the bypass assuming a formal TIC agreement was in place as of April 15, 2013 and the required number of owners have continuously occupied the building for at least six years by April 15, 2019.
In other words, TIC buildings in which the owner applicants weren’t in place by April 15, 2013 will never qualify for the bypass and five or six unit TIC buildings which don’t qualify for the bypass will never qualify for condo conversion.
As amended and approved, if any lawsuits are filed against the legislation (see previous paragraph), the bypass will be suspended along with the lottery until the lawsuits are settled or until 2024, whichever comes first.