One city supervisor says the political will finally exists to allow homeowners to bypass the condo-conversion lottery system for a one-time fee.
Supervisor Mark Farrell wants people with tenancy-in-common units to get a one-time deal to pay up to $20,000 per unit to bypass The City’s condo-conversion lottery.
“It’s assisting property owners who need help,” Farrell said.
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Apartment owners desperate to convert their properties into condos may simply be able to pay up — a proposal that has been revived as The City searches for new ways to generate revenue.
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A five-story condo building with a ground-floor store could be built at a high-profile Market Street corner lot that has been vacant since 1981.
But a chorus of opposition from surrounding neighborhood groups and bicycle and pedestrian advocates could derail plans to construct the 18-unit building at the intersection of Market, Noe and 16th streets.
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Converting nearly 1,800 units into condos for a fee was rejected, costing The City the $8 million the proposal would have generated.
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Ground will break on 36 new low-income condos in June, nearly four years after plans to build the homes were presented to Daly City by Habitat for Humanity.
The project, which will break ground June 3, is located at 7555 Mission St. It will consist of 36 condos and be open to low-income families, but future owners will not be able to just sign up and hope they get chosen, they will have to work for it, said Habitat for Humanity spokeswoman Jennifer Doettling.
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High-end condominiums built in The City during a recent development boom might finally sell out this year thanks to prices dropping below what they were two years ago.
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An oversupply of unsold condos in has local Realtors pleading with the state Legislature to extend and expand a hefty tax incentive they claim has helped revive The City’s housing market.
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