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Friday, July 23, 2021

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UncategorizedThe renters’ lament: A neighborhood, a community, and a...

The renters’ lament: A neighborhood, a community, and a wave of TICs

Theresa Flandrich holds up a map of TICS in North Beach

By Tim Redmond

You could see the pain that so many communities are suffering on the face of a woman named Theresa Flandrich, who stood on the steps of City Hall Tuesday morning to talk about the need for better regulations of the backdoor condo conversions called tenancies in common.

Flandrich has lived in North Beach for 31 years, and she held up a picture of a stretch of Stockton Street where five buildings have gone from rental housing to TICs – with longterm tenants evicted to make room for people who could afford to buy the units (at greatly inflated speculative rates).

In April, two more buildings are set to convert – and she will be among 21 people forced out.

“All of us have contributed to neighborhood,” she said. They have built a community, taken care of each other, “looked after our elders.”

And the wealthier residents in the TICs? “They have contributed nothing,” she said. “We still don’t know them.” (more after the jump)

Marke B.
Marke Bieschke is the publisher and arts and culture editor of 48 Hills. He co-owns the Stud bar in SoMa. Reach him at marke (at) 48hills.org, follow @supermarke on Twitter.
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  1. I doubt it is that significant a problem – I am in the market to buy a place in SF for my family, and will steer clear away from a TIC, because the tenants-in-common are on the hook for the loan payments of any other tenant-in-common who defaults, and if they can’t afford to, would get evicted and repossessed for no fault of their own.

    All the real estate agents I know advise giving them a wide berth, and TICs sell at a significant discount over condos or single-family houses because of the risk factor. There is a lottery to convert a TIC into a condo, but the numbers are minuscule.

    The bigger problem by far are tenants being evicted under the Ellis Act, the apartment being demolished, the property sold under a not-really-arms-length transaction to a developer who builds luxury condos in its location, and there are already proposals to address that loophole by imposing restrictions on condos built on Ellis Act evictions, as well as priority access to the housing to the evictees.

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