Rent control could be part of a deal to allow the owners of thousands of housing units to convert them into condominiums by paying a fee.
A new report by the City Controller’s Office has suggested imposing such a mandate on the 2,269 units in 700 buildings that are involved in the proposal.
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Discussions between tenant advocates and owners of tenancy-in-common units continue to delay a vote on controversial legislation related to condo conversions.
The Board of Supervisors Land Use and Economic Development Committee was scheduled to vote Monday on the legislation, but postponed action for the second time as board President David Chiu said negotiations between the dueling sides are continuing.
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Mayor Ed Lee carefully weighed in Tuesday on the hotly debated condo conversion bypass proposal by encouraging a compromise to bring relief to thousands of tenancy-in-common owners amid worries about the loss of rent-controlled units.
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The condo conversion debate is gaining more political intrigue less than two weeks before a Board of Supervisors committee holds its second hearing on the controversial legislation. A vote was already postponed to allow the opposing sides to negotiate.
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One of the supervisors whose support is seen as instrumental to passing a condo conversion bypass proposal may have committed to support the controversial legislation when on the campaign trail last fall.
The most politically charged issue at City Hall these days is whether there are enough votes on the Board of Supervisors to pass legislation that would give relief to San Francisco tenancy-in-common unit owners who are complaining about high mortgage rates and the long wait to convert to a condo, which would allow them to refinance.
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After nearly four hours of debate Monday afternoon, a vote on a proposal that would give San Francisco tenancy-in-common owners a one-time opportunity to bypass The City’s condo-conversion lottery system by paying a fee was postponed by a Board of Supervisors committee.
Emotionally charged tenant advocates and homeowners squared off against one another over the years-in-the making legislation proposed by Supervisor Mark Farrell with the backing of Supervisor Scott Wiener.
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