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« I Hate to Say I Told You So.... But I Told You So... | Main | Good News... At Least for Some of Us.... » March 17, 2008The Never Ending Story...Tenancy-in-common 'lottery hell' At 8 a.m. Feb. 6, some 60 people gathered on the steps of City Hall. They were there to protest an annual event, about to be 25 years old, that determines their future as San Francisco homeowners, an event that TIC owner David Silva calls "lottery hell." The TIC lottery, which began at 9 that morning, is the city's method of controlling how many tenancies in common are allowed to convert into condominiums. Each year, 200 units (which corresponds to about 50 buildings) are picked. For Silva and his wife, Elizabeth Pepin, who have lost for the past five years, the lottery is an annual reminder of their TIC status. "We're treated like second-class citizens," Silva said. "The city makes us jump through hoops to own a fraction of a house. You'd think the city would be encouraging people to buy property and put down roots." Mike Sullivan of Plan C, the homeowner-support group that helped organize the protest, agrees with Silva. "Homeownership is inherently good for San Francisco. It's not fair that TIC owners are penalized for wanting something that should be their right." The lottery was created in 1983. Its original purpose was to slow the conversion of rental properties into condominiums. The hope was that by placing TICs into a sort of holding pattern, real estate speculators looking to flip a property quickly would be discouraged. During the holding pattern, which lasts until the TIC owner wins the lottery, there's little incentive for selling. click here for the complete story Posted by Jeff Brooks on March 17, 2008 12:54 PM | Permalink TrackBackTrackBack URL for this entry: |