We help safeguard and protect you and your home.
CITY ELIGIBILITY: SAN FRANCISCO - OAKLAND - BAY AREA - CALIFORNIA
Each city has similar but also different city and county provisions and is subject to state ordinances. These city regulations also vary in the types of protections they offer to renters and may or may not impose numerical limits on units that can be converted per year. The city process, requirements and market conditions are distinctive from city to city and even neighborhood to neighborhood. EVERY property is unique and must be evaluated in light of current city regulations as rules are subject to change.
Even experienced property owners familiar with the process can find condo conversion a daunting undertaking without real estate development experts. To start there are inspections and legal issues to contend with, timelines to comply with, eligibility requirements related to eviction history, tenant rights and rent control to consider.
SAN FRANCISCO HIGHLIGHTS
San Francisco is considered one of the most complex cities for real estate. Until recently, San Francisco property owners who wanted to convert their building to condo homes had to enter an annual city-run condo conversion "Lottery." The fortunate few who were picked in the conversion lottery (200 units annually) were given the right to convert; everyone else had to wait until the next year to test their luck. Some applicants have had to wait 10-20 years before they were selected, and some were never selected at all.
As of June 11, 2013, the San Francisco Board of Supervisors voted to suspend the traditional condo conversion lottery until at least 2024. In its place, they implemented the city's “Expedited Conversion Program” (ECP) to help the backlog of TICs of 2-4 unit buildings and some 5-6 unit buildings waiting to be converted to condo homes. Beginning March 13, 2015, TIC buildings became eligible to convert under the Expedited Conversion Program. The ECP is effective until 2023, or until such time as the former lottery conversion limits are reinstated by legislation.
However, for 2-unit buildings qualifying for the city's "bypass conversion" remains the same and will have NO effect on the existing rules allowing conversion into individual condo homes; when both units have been occupied by separate owners for at least one year (among other requirements), owners will not have to pay the additional "impact fees" imposed by the new law.
In the City of Oakland, all buildings can be converted to condominiums and regulations may vary depending on number of units. However, if the building is located in the Lake Merritt area (conversion impact area), the owner of the building must build new units to replace the units that are being converted. In the remainder of the city, only the conversion of five or more units require "conversion rights" equal in number to those proposed for conversion and may be generated anywhere in the city.
Disclaimer: The rules and regulations governing condo conversions are subject to change at any time at the discretion of city and county officials. The information presented in this website is based on the latest information available at the time of publication.
WHITE TIGER teams with leading legal experts experienced in the condo conversion process to guide you through the tangle of laws and regulations.
Request your 45-minute FREE consultation to find out if your property is eligible for conversion
Office: 415-236-2426 or Email: firstname.lastname@example.org