To the Editor…

by on June 14, 2013

You forgot the biggest losers in all of this: Those of us who\’s only way to afford owning a home in San Francisco was through a TIC, and now will see our property values crushed by this legislation because we will never be able to condo convert. I live in a 6-unit building of owner occupied units. All of us are here because we love our city and our neighborhood, and this was our only way to buy in. The condo conversion opportunity was not an avenue to a giant profit windfall for us. It was an opportunity to get out of the onerous mortgage rates that come with owning a TIC. Now we will be stuck with those rates, and with a likely plummeting home value to go along with it, because the only people who will ever be able to afford our homes if we are to sell will be those who can pay cash. So congratulations. You’re celebrating one more nail in the coffin of the middle class in San Francisco. It will continue to become more of a playground for the very rich (who can afford to pay cash for homes) or those on rent control. What a joke…

This feedback was sent by:Michael Lattig from San Francisco, CA

Link to the article in question: https://beyondchron.org/news/index.php?itemid=11475

Filed under: Letters to the Editor