This afternoon some big news came across my desk: Legislation that would allow for tenancy in common owners who qualified for the 2012 condo lottery to bypass that lottery by paying a sliding fee will be heard by the Land Use Commission on Jan. 28th at 1 p.m.
What’s more, if the legislation passes committee, it may be heard as early as Feb. 5 by the full San Francisco Board of Supervisors.
Introduced by Supervisors Mark Farrell and Scott Weiner, this legislation allows owners to bypass the lottery at a per unit fee beginning at $4,000 and increasing from there depending on how many years it’s been in the lottery. It also has tenant protections in which any tenant occupants will get lifetime leases.
For this legislation to pass, it needs the approval of six San Francisco supervisors. If you would like to contribute input, click here. More information about the legislation itself is here. Feel free to get in contact if you’re trying to make more sense of this, and I’ll continue to keep you posted.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners-- and feeds the dreams of those who wish they could live in Tony Bennett's 'City by the Bay.' Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com
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