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.
The talks were requested by Chiu when on Jan. 28 the committee first heard the politically charged legislation, which was introduced by Supervisor Mark Farrell. At that meeting, Chiu said he was opposed to the proposal as drafted. Tenant advocates have come out strongly opposed to the proposal because of the loss of rent-controlled units. But tenancy-in-common owners say they are struggling with high interest rates and are unable to refinance due to the unusual ownership arrangement.
The committee is now scheduled to vote on the proposal March 11. It would take six votes from the full board for approval.
Under the legislation, tenancy-in-common owners who participated and lost out in the 2012 and 2013 lotteries could convert to condos by paying a fee of up to $20,000 per unit. The City’s lottery system allows 200 units a year to be converted into condos. Fees collected would go toward construction of affordable housing.