Jun 122013

From today’s SF Chronicle:

Thousands of San Franciscans could become first-time homeowners while also contributing an estimated $20 million for affordable housing under legislation given initial approval Tuesday by theBoard of Supervisors.

The legislation would allow about 2,200 tenancy-in-common unit owners who are currently on a waiting list that allows just 200 conversions to condominiums per year to pay a $20,000 conversion fee that would go toward an affordable housing fund. The units could be converted to condos over a seven-year period, with TIC owners who have lost the lottery several times getting priority. The legislation would prevent the lottery from resuming until 2024.

The 8-3 vote, with Supervisors Mark FarrellScott Wiener and Katy Tang in opposition, is enough to override a veto by Mayor Ed Lee, who hasn’t taken a position on the legislation.

“We have for years had an impasse on this issue on the condo lottery, TIC conversations and tenant evictions,” Supervisor David Chiu said. “I think we have in front of us a balanced piece of legislation.”