TIC Testimonials

We want to hear your TIC story! Send us your TIC testimonial in your own words to sftictest@gmail.com. If possible, include a picture with your TIC partners and families.

TIC Owner: Lynne
TIC Owner since 2003

I have lived (and rented) in the Bay area over 20 years and was finally able to afford a place in a neighborhood (Pacific Heights/Laurel Heights area) that I felt safe and comfortable in as a single female by buying a TIC in 2003.  My purpose in buying was to have a nice place for me to live in and enjoy some of the benefits of ownership versus renting.  I love San Francisco and didn't want to leave to go to a more affordable city. It was hard finding a place within a budget that I could afford on one income.  My job is in San Francisco and  this is where I need to be.

I work for a magazine based in SF that serves the hospitality industry, so as the industry has its ups and downs so does my paycheck.  The TIC seemed to be the perfect answer. After a few years I knew that I would be able to have individual ownership of my unit.  I figured my place would be even more affordable after condo conversion since I would be able to get my own mortgage and at a much better interest rate than those given to TICs.  I live in a 6 unit TIC along with five other owners (actually three units are young couples and one is a single mother of two) all who bought to own their own home and live in it.

I waited 20 years to be able to afford my own home,  I shouldn't have to wait another to convert to condo so it really my own home.

TIC Owner: Jennifer
TIC Owner since 2004

A San Francisco renter since 1998, my partners and I purchased our 3 unit Mission/Dolores district TIC in March 2004. We spent over three months getting all of the contracts signed, inspections finished, and agreements in order. It was a lot of work but definitely worth it. I am grateful everyday that I had the opportunity not only to purchase a home in a city I love, but that I've found such wonderful partners and neighbors. Both homeownership and being a member of a TIC has been a valuable learning experience for all of us. None of us are greedy predators. We worked hard to purchase and make improvements on our home. Our TIC is completely owner-occupied and we plan to keep it that way for good. I am fortunate that my unit is large enough (4BR) that I can provide a very affordable, safe place to share with two female friends who live with me. Their rent is far below what they would have to pay elsewhere.

We are working together to build happy, safe homes and improve our neighborhood too! We are starting a neighborhood watch committee on our street which has typically been dirty, full of homeless people and drug dealers, and neighbors that don't know each other well enough to watch out for each other. This has been a challenging process, but we are starting to see improvements. As we've built our neighborhood watch, we have met our neighbors and have worked with local businesses on our street to create a strong coalition and a safe place to live and work. We've already seen three new businesses open on our street in the past year.

I believe that giving people the opportunity for homeownership benefits them and their communities economically and socially, while instilling a sense of pride that enables people to build strong, safe communities. TICs allow thousands of people each year to enjoy the benefits of homeownership that they would otherwise be denied. Hardworking families and single people make up the majority of TIC owners. I am grateful and proud everyday that I have the chance to own my home and share the benefits with my housemates, partners, and neighbors. My TIC has given me the opportunity for financial success and security that will benefit me and my family.

TIC Owner: Clarice
TIC Owner since 2003

My fiancé and I met in graduate school at the Masters of Public Administration Program at San Francisco State University. After graduation, I started working for an affordable housing non profit organization. The organization I work for advocates for the more affordable housing in the Bay Area and fights for the rights of low-income earners. My job allows me to interact with families, seniors and disabled people of the community, who like most of us, pay more than 50% of the their income toward housing. I know the plight of those who commute more than 50 miles to work each day, those who live in sub-standard and over crowed housing. The cause of fair, affordable housing is near and dear to my heart.

I truly think that the right of vulnerable individuals such as seniors, disabled and gravely-ill members of the community should be protected. The predatory practice of evicting these members of the community for profit is morally wrong. TIC’s like ours do not condone or agree to these evictions. We did not purchase our building from a “predatory” businessperson, but rather a gentleman who owned the building and lived in one of the units since 1961.

I understand that by limiting TIC conversions, the city hopes to keep housing affordable for renters. In the contrary, putting stringent restrictions on the condo conversion process will drive housing costs up even more. The detrimental effects on families, business and communities of the housing shortage are well documented. So too are the benefits of home ownership: stability, increased community participation and wealth production. Yet, despite long-standing community preference for homeownership and increasing numbers of private-sector and government-sponsored programs to promote it, the market has not been able to deliver the opportunity to own a home to lower-income San Franciscans. Lower-income households remain largely confined to rental housing, stifling the availability of the American dream to essential members of every community: school teachers, government clerks, assistant store managers, day care staff and hospital employees.

With this said, I think that our local public officials need to step up to the plate and increase the city’s affordable housing stock. This can be done by investing in affordable housing developments and by supporting bond measures that will give affordable housing organizations a permanent source of funding so they can continue to provide quality, affordable housing for all. It is my hope that our city officials agree on a fair and balanced housing policy that protects all the members of the community.

It is truly unfortunate that hard-working people like us carry the burden of the city’s housing shortage. When we purchased our unit, my fiancé and I were first time homebuyers. Owning a TIC was the only way we could afford to live in the city we so loved. We both work very hard to continue to live in and enjoy the place we call home. We plan to start a family soon, please do not trample on our dream of finally owning our little place.

TIC Owners: Michael, Elisabeth, Craig, Ian, Gar, and Kathryn
TIC Owner since 2003

We live in District 3 . We have been unsuccessful in our two attempts to win the lottery.

We purchased this building together in April 2003 with the current renters. We take pride in our building and its surroundings. We have worked hard with our neighbors to clean up our street in order to make it a safer place to live. Since we don't have City street cleaning, we clean the street and sidewalk ourselves and pick up the garbage left on the street daily.

Before becoming owners, Elizabeth and Michael had rented their unit for over thirty years. In the 1960s, Michael planted the ficus trees that line our street. They own the Larsen-Pomada Literary Agency, established in 1972, the oldest literary agency in Northern California.

They sponsor the annual San Francisco Writers' Conference held at the Sir Francis Drake Hotel, bringing a substantial amount of revenue to the City. They authored the acclaimed Painted Ladies series, which documents San Francisco's resplendent Victorians.

Craig and Ian had rented their unit for ten years. Both are advertising copywriters. Gary and Kathryn live in the unit occupied by the previous building owner. They have lived in San Francisco for over sixteen years, Gary working as an architect and Kathryn as a librarian.

We are all hard working devoted San Franciscans. We have not displaced any renters as a result of our TIC. We have improved the city block we live on and continue to work with the surrounding neighbors to fight crime and keep our street clean. We intend to live in our units for the rest of our lives. We urge the City of San Francisco to pass this legislation thereby providing the City greatly needed revenue and giving us the right to home ownership.

TIC Owner: Jennifer and Gerard
TIC Owner since 2003

If it weren’t for TICs, there is no way we could become homeowners in San Francisco. And, let’s be honest: even TICs are beyond the reach of most working people in San Francisco. For us, this is the difference between barely being able to reach something, and not even having a chance. In the 18 months we have owned, average TIC prices have already risen to a point we couldn’t meet.

I am a marketing specialist, and have worked with Bank of America to create and promote homebuyer workshops for low-to-moderate income and first-time homebuyers. I know that home ownership is the key to stable, safe communities, higher test scores for children and an important tax base for things like schools and roads. Even without the data, I’m sure most people intuit that it’s advantageous to own vs. rent. Given that rents are so expensive in SF, there would have been no way to both pay rent and save for a down payment – it’s an obvious cycle that rewards those with means beyond their employment.

Both my husband and I were 34 when we moved into our six-unit TIC in Laurel Heights/Presidio Heights/Pacific Heights (depending on your map) in November 2003. Before that, we lived in the same neighborhood for a couple of years. In fact, this TIC was just one short block from our most recent rental. We love this neighborhood, but never thought that we could both live and own here. We love that all of the things we need are a walk away: from the shoe repair to the dry cleaners, movies to videos, groceries to restaurants, the gym to the hospital, and several bus lines to get wherever else we need to go. We love knowing the people with whom we do business, and feel a true sense of pride that this is our neighborhood.

We hope to have children soon, and definitely plan to continue living in this neighborhood full of schools and parks. This is our home, and owning allows us to build financial stability and emotional investment that renting never could.

TIC Owner: Jennifer

I am a member of a Tenancy in Common (TIC) and have lived in the North Panhandle neighborhood for three years. My husband and I are very active in our neighborhood and our neighborhood association, frequently visit local businesses and walk with our two small children (age 3 1/2 and 2 years old) to our local parks (often picking up trash along the way as we are members of the North of the Panhandle Neighborhood Association Streetscape Committee.) We are extremely engaged with the city on anti-crime efforts and make a large effort to know all of neighbors on our block.   This is our only home, and it was only possible to purchase it as a TIC with my sister-in-law and her husband, given the high cost of housing in San Francisco. Please work to ensure that there is legislation that preserves the legacy of the TIC and condominium conversion in this area.  

TIC Owner: Mark

I am a San Francisco TIC owner. This is my first home in San Francisco. Buying a TIC is the only way I could afford to buy a house in San Francisco. I'm not a speculator of any kind and this is my only residence. I am active member of the community, an avid volunteer to the San Francisco AIDS Foundation and Friends of the Urban Forest. Please make TIC ownership and condo-conversion easier. Speaking for my TIC partnership, I can say that none of us are land speculators, nor do we intend to "flip" the property or rent it out at higher prices. We are committed to the neighborhood and building a home.    

TIC Owner: Laura

I am writing to inform you that I am a member of a TIC that is not bent on Senior Evictions or multiple home ownership. We are committed to this neighborhood, active in the local neighborhood association, frequent visitors of local small businesses, and generally behave with caring and respect for our neighborhood.   This is my only home, and it was only possible to purchase it as a TIC, given the high cost of housing in San Francisco. Please work to ensure there is legislation that preserves the legacy of the TIC and condominium conversion in this area.  

TIC Owner: Stephanie

If my building had not been split into a TIC, it would have cost $1.6M. Clearly, only a very rich person could have bought this. Instead, three couples - all former SF renters - bought 1/3 of the building each. The City should be encouraging ownership by its residents, but the current TIC rules make co-ownership burdensome and risky: I am legally responsible for the mortgage payments of strangers if they default.   Please encourage wider home ownership by supporting Alioto's TIC legislation.

TIC Owner: Lon

I am probably a typical TIC owner. As a young man, I moved to San Francisco in 1976 and found the home and community that I had always wished for. I have been a renter most of my life. My parents never owned their own home and I was the first of 5 children to do so. I have fought very hard to stay in San Francisco over the years. I did move to Santa fe for a time, but ultimately I had return to my 'real' home and community. My friends in New Mexico, and in most parts of the Country view San Francisco as a place where home ownership is completely impossible.  

My partners and I now own a 3 unit building that was empty and in need of repair when we bought it. I literally love my partners (whom I did not know prior to our purchase), and adore our neighbors and neighborhood. We have a sense of home and community beyond anything I have experienced before. I simply can not understand that the people who love this town so much to take such efforts and risks to own a home here are vilified. I do however strongly believe that investor/developers should not be allowed to purchase and develop TIC buildings in which they have no intention to live in as a primary residence, but let us not confuse those people with those of us who are committed to our homes and neighborhoods.  

We so appreciate Supervisor Alioto-Pier's efforts to make home ownership more possible in an environment that is so difficult. It makes me sad to think of all the great friends who have left over the years only because owning their own home here was seen as impossible.   Please help stop this patrician division that seems to prevail in all levels of politics in this country these days.

TIC Owner: Pamela

In response to the following statements:   "[I]ncreasing condo conversion largely benefits upscale people often desiring a second or third home. These are not the people who will be regularly patronizing local stores, who will be volunteering at the senior center, or who will stay home to hand out candy on Halloween." (Randy Shaw, Tenderloin Housing Clinic / Beyond Chron, www.beyondchron.org, Dufty, Alioto-Pier Push for More Senior Evictions).   "This [legislation] is not about home ownership - this is local implementation of Bush's ownership society and its real goal is driving out low and moderate income people - renters - from San Francisco, to be replaced by the wealthy." (Condo Lottery Exemption Fact Sheet, San Francisco Tenants Union). http://www.sftu.org/, Link to the "Fact Sheet on Legislation").   I am currently a co-owner in a TIC in the Mission - my one and only home. I am 34 years old and work for a nonprofit www.volunteermatch.com whose entire purpose is to get people to volunteer in their local communities.

Every cent my husband and I make goes back into our 950 square foot one bedroom apartment that took blood, sweat and tears to save for. No one helped us. We are NOT rich people. We worked our asses off to pull off being able to purchase in San Francisco. I am repeatedly insulted and angered by statements like those above. If you only want rich people to live in SF, then by all means, revoke our ability to buy TICs and condo convert. Because then middle class people like myself will sell at a loss, we'll lose the little we have, and we'll have to leave San Francisco. TICs make it possible for me to even consider living here long term. I REFUSE TO BE AT THE MERCY OF LANDLORDS ANYMORE! Don't force me to sell my home and go back to renting for the rest of my life. How does that help anything? How else are we supposed to be able to afford anything here? And with all that is going on in this city, why the focus on attacking TICs? What about the two driveby shootings in my neighborhood over the last two weeks? There is a gang war going on in the Mission right now and our city government is spending precious time worrying about middle class people like myself trying to make a future for themselves here.  

TIC Owner: Sascha

My wife and I are working professionals. Even with two moderate incomes, the prospects of homeownership in San Francisco were very dim for us.   Joining forces with a partner in a TIC was our only avenue of fulfilling the American Dream in the city where we had lived for many years and consider our community.   Now our small flat is our pride and joy. We spent a year and a half remodeling it, mostly with our own hands. Like any young couple, building sweat-equity is a rewarding experience. We believe this process not only made the place safer and compliant with code and safety regulations, but has also benefited the neighborhood property values and image.  

My wife and I are both active in this community. In our first year in the neighborhood we helped organize a successful neighborhood tree planting, including tree donations to the local high school. We patronize local businesses, meet our neighbors, clean up graffiti and trash.   To suggest that TIC's are only for the wealthy is simply preposterous. We are not real estate speculators; this is not a second or third home for us. This is where we live and work.   I encourage the board of supervisors to consider upcoming TIC expansion proposals favorably. San Francisco has a much higher percentage of renters than other cities. Homeowners take pride in their homes and neighborhoods. They beautify their properties and become active in their communities. They have more at stake. They care more than the average multi-unit landlords who are so prevalent now. The revenue generated by TIC conversion fees, taxes, and required construction at these properties is also a great benefit to the city.  

The current process needs to be made easier. Delays at the Bureau of Street Use and Mapping are excessive! The long wait to refinance is scary. We live in fear that the rise in interest rates could eventually force us out of the home we have created in the neighborhood we love. Help us and others convert our properties quickly by streamlining this process.  

TIC Owner: Linda

I am writing to tell you our story, who we are, and why we want to condo convert.   In the summer of 2001, a group of friends and I bought a 6 unit building. We are all first time buyers. None of us could have afforded to buy a single family home. It was amazing the process we went through and how we finally were able to buy property in our city. It began with the oldest one in our group writing a column in a buddhist newsletter reflecting on the fact that he had never been able to buy a home but it still was a dream of his.

As a 56 year old buddhist meditation teacher he didn't make the kind of money needed to buy in S.F. Someone in the buddhist community read his column and had this property they wanted to sell. After many ups and downs in the process we were finally able to pull it off. A group of people who each individually didn't know if they would ever be able to own a home, now do.   We have all lived in the building for over 3 years. We range in age from 36 to 56 years old. We are a nursing student, a computer tech guy, a couple of psychologists, an artist, a couple of buddhist meditation teachers, and an acupuncturist. One of the couples is about to have their first baby, due in May.

We are a group who contribute much to our community. Almost everyone of us is involved in some form of community service. I was a basketball coach for Special Olympics for 5 years. I also coached track and field for Special Olympics for 5 years. As a psychologist, I have contributed MANY free hours of mental health service to the city of San Francisco.   As a TIC, we are financially bound to each other on one mortgage. We would like to convert to condo's to have our own loans, to have the option to refinance, to be able to take out a second if we wanted, etc.   Our building is 100% owner occupied, these units will never be on the rental market. I don't see what the city has to gain by preventing us from converting to condo's. In fact, I would imagine the city will receive more property taxes from us as individual condo's than it receives from the building as a whole.  

 
TIC Owner: Katey

As a resident of San Francisco for 6 years, I have recently moved to your district having purchased a share in a TIC 2 unit building. We are group of 4 first time buyers who saved our money for years to be able to afford buying anything in San Francisco. While we would have loved to buy a single family home or condominium, but BUYING INTO A TIC WAS THE ONLY WAY WE COULD AFFORD TO OWN A HOME IN SAN FRANCISCO. We made sure not to buy into a building that had existing tennants or any evictions. In fact our building has no rental history at all. It was completely owner occupied for the last 50 years. Plus we left our rent controlled apartments in San Francisco netting positive 2 rental units for the city.  

Right after we bought the building Chis Daly proposed legislation to make 2 unit buildings enter the condo lottery. This was extremely stressful and gut wrenching to think that the almost million dollar building that all of our (4 working adults) lifesavings was tied up in, could immediately become worth much less than what we paid for it. (This is due to the premium that is paid for a 2 unit building not having to enter the condo lottery.) Needless to say this part of his legislation was removed. We thought we were safe. But now he has proposed a 2 year moratorium on condo conversions. Why this legislation will hurt us: We want to convert to condominiums as quickly as possible for a number of reasons. One--we have four people on a mortgage--This means there are four incomes that could be cut off at any time. It increases our financial vulnerability significantly. While we have a good relationship with our co-owners, my life partner and I do not want to be financially tied to them for the rest of our lives. Two--We financed the building with the expectation that the conversion process would take 3 years or less.

If you add 2 years to that, when we separately refinance we will be more vulnerable to interest rate fluctuations. Three--Interest rates are going up and our building was very expensive. One extra point a year means approximately an extra 10 K per year we have to pay to the bank. That would be a major financial burden for us. We might not be able to afford our house. We want to separate the units and refinance as quickly as possible to avoid loosing our home. Four--Banks have lending limits for the lower interest loans. Since we are all on one giant loan we had to finance the house partially using an high rate interest only loan. This is a direct financial penalty we are paying due to being a TIC as opposed to separate condos.   It is extremely stressful to have the future of our homes, not to mention the biggest financial investement of our lives flippantly fiddled with for political gains.

When I found out yesterday that Chris Daly was proposing the moratorium, it was as if I was kicked in the stomach. It is positively cruel to constantly toy with people's homes. I wouldn't wish this on a renter (which is why I support rent control and eviction protection) and I don't understand why it is okay for this kind of assault to happen to a homeowner. I shouldn't have to keep showing up to city hall to protect my house every few months. This is why I urge, no beg you to oppose Chis Daly's legislation and support the Alliota-Pier's condo legislation. TIC owners are not wealthy profiteers. We are middle class San Francisco residents who have saved every penny we have to afford to own a house in this damn city that we love and don't want to leave. We do not deserve to punished for this.

TIC Owner: Kevin

I am writing to tell you my experience with TIC owners in San Francisco. After reading Randy Shaws opinions of the Tenderloin Housing Clinic and the San Francisco's Tennant Unions position on the matter I feel I must put in my two cents worth.   First of all, neither one of these groups likes anyone to label their entire group by one tag phrase i.e.. Drunks, Drug addicts, convicts, paupers. These individuals argue that TIC owners are rich, Bush followers that don't care about the city that they live in etc. etc.

I can assure you that the people they are referring to, and yes they are out there, do not buy TIC units in San Francisco. Anyone with enough money chooses not to get into the potentially awkward and difficult situation that TIC's can turn into if someone does not pay their bills. The truly wealthy that they refer to buy homes, knock them down and build new homes. The people that buy TIC's do it because it is the only way for them to live the American dream so to say that they are rich, uncaring individuals that don't want to be a part of a neighborhood is the same as me saying homeless people are drug addicts that are not worth helping. I am sure you can agree that neither is the case.  

Secondly, this legislation is not about driving out renters and low to moderate income individuals. This legislation is about people not having to leave the city to own a home by themselves. It's about people making roots instead of fleeing to cheaper, greener pastures. It is about knowing that they have a home.   Please know that sweeping generalizations on either side are wrong and the organizations and people that make such statements are more of the problem than the solution. To me they sound like the very people they condemn on a daily basis.

TIC Owner: Nick

I am a new member of your district, having recently bought a duplex in Western Addition as part of a TIC. Just yesterday, I learned of a new effort by Chris Daly to put a moratorium on all condo conversions until 2007. I also received a sample of some of the rhetoric circulating around this debate from Supervisor Aliota-Piers:   [II]ncreasing condo conversion largely benefits upscale people often desiring a second or third home. These are not the people who will be regularly patronizing local stores, who will be volunteering at the senior center, or who will stay home to hand out candy on Halloween. (Randy Shaw, Tenderloin Housing Clinic / Beyond Chron, www.beyondchron.org, Dufty, Alioto-Pier Push for More Senior Evictions). This [legislation] is not about home ownership ­ this is local implementation of Bush's ownership society and its real goal is driving out low and moderate income people ­ renters - from San Francisco, to be replaced by the wealthy. (Condo Lottery Exemption Fact Sheet, San Francisco Tenants Union). http://www.sftu.org/, Link to the "Fact Sheet on Legislation").  

This kind of speculative talk is not only wrong, it is dangerously irresponsible.   Every member of a TIC I have ever met or heard of formed a TIC because it is the only way that we, as first-time homebuyers, can qualify for million-dollar loans. In taking out those loans, we have also incurred huge personal debt on variable rate (or interest-only) loans. We are not "upscale people... desiring a second or third home" -- we are simply first-time home buyers in a brutal housing market, the moderate income people who have been renters here for years.   Interest rates are rising. The national deficit and debt are soaring. Inflation is up...

Without the option of condo-conversion to separate out our finances and get fixed-rate mortgages, we stand to loose 10s of 1000s of dollars between now and 2007, and it is simply cruel to force that on us after we have already bought into this market. I feel for renters and am opposed to evictions, but frankly, renters are not a million bucks in the hole at the mercy of the federal reserve bank the way we now are.  

TIC Owner: Cris

I am writing in support of the proposed legislation which will come before the board of supervisors and drafted by Ms. Alioto and Mr. Dufty shortly to aid those who are living in multi-unit buildings convert the buildings to condos in order to become financially independent from others, and own their (our) own units.   Contrary to the belief of some (all?) tenant activists, TIC owners are not all wealthy, Bush-agenda pushing, third house wielding morons who seek to displace the disproportionately large rental population here in San Francisco. While I would bet there are some TIC/building owners who would fit into this category, the sheer number of renters in SF (over 60%) would suggest that the renter set has their share of individuals pushing their own selfish agendas, hiding behind the renter curtain.

I hope you and I can agree that abuses come in all sizes and shapes, and that legislation should seek to benefit tax paying citizens, and can't always focus on a few who either have in the past or seek in the future to abuse the system. Contrary to the tenant activist opinion, I was a renter for 4 years before I purchased my place. I am very much middle-class, and I work in insurance. I feel that I am a good member of the community as I volunteer for the San Francisco AIDS Foundation, I have ridden 4 of the last 4 AIDS Lifecycle Rides from San Francisco to Los Angeles, I am a Fine Arts Museum member, I contributed to the new de Young Museum in the park, I support KQED, I support the San Francisco Symphony, I contributed to the Tsunami Relief, and was indeed home to pass out candy on Halloween to neighborhood children, because I DO live in my one and only home.

What we (I) am seeking is the chance to own a small piece of the American dream, which is no small struggle. In addition to all of the financial challenges of trying to save a Victorian building (a piece of San Francisco history), I am currently fighting a rat problem due to my proximity to restaurants on Castro Street, homeless camped out in front of my building, I am constantly washing down the sidewalk because of lazy dog owners (and the occasional uninvited guests who chose to use my side gate as a place to relieve themselves after a night drinking), and I still WANT to live in San Francisco, and be a good citizen.   I urge you to support those who have somehow been able to scrape together a down payment, buy a place, and now seek to be financially independent from their building mates, all the while wanting to be good property tax paying citizens in San Francisco who DO support this city.    

TIC Owner: Pamela

I want you to know that home ownership in the city of San Francisco is nearly impossible and as an economist, I'd like to tell you why.   It's NOT because buyers are foolish by bidding up properties It's NOT because wealthy people are hording the homes It's NOT becuase sellers are selling units as TICs   It is because of stringent government intervention that pricing is so high inSan Francisco. The planning department makes it SO HARD to build new units,that the city is YEARS behind in meeting the damand for housing in the city.   What happens? People buy whatever they can.

And so, the TIC ownership is discovered.   TIC ownership is not a way for the wealthy to make money and keep housing from the poor. It is a way to provide home ownership to those who want it, in atimely manner. Do your own evaluation: what was the average price of a TIC inSAn Francisco last year? It wasn't even CLOSE to the price of a single-familyresidence. It was just over $400K. That is MINIMUM housing costs for entrylevel homebuyers in SF. That is who is buying these units, not wealthysecond-home owners.   These are first time homebuyers who can't afford anything else!   Please don't let city government intervene EVEN MORE and screw up thesupply-demand curve for housing in San Francisco by limiting development of TICownership. It's the last way someone can buy a home in SF.   Don't ruin it for these homebuyers who will forever be priced out of the market.  

TIC Owner: Greg

I am a SF resident of 8 years with a small business South of Market. My businessemploys four employees and one independant contractor. All of our employees are SF residents and taxpayers. Our business has been open for a little over 2 years. That means four new jobs for SF. We are part of the SF community -- both personally and professionally. I have found myself priced out of the SF real estate market. I am forced to rent because I cannot afford housing in SF. I support the TIC legislation. TIC's offerownership at a significant discount to condo pricing. It helps open the supply ofmore affordable housing in SF. This would be my first step into SF home ownership. By passing this legislation, TIC owners and residents can convert to Condos -- andimproves the chances of other TIC residents to own their own home.   Please pass this legislation -- and support SF residents taking a economic foothold in the ownership of their hometown.  

TIC Owner: Jake

I am a 7th grade school teacher in San Francisco. Over the past 10 years I saved from my modest educator's income to build up a down payment for a small one-bedroom Tenancy in Common property in SOMA that I finally managed to purchase last year. In order to make this purchase, I liquidated all of my assets and even cashed out a portion of my retirement savings for the down payment. I also picked up a weekend job in a restaurant to supplement my teaching income in order to pay my monthly housing expenses. Is it worth it? Yes, I love my home and I love San Francisco.  

As a middle income earner, the TIC was the only real avenue I had to achieve homeownership in the City. Because of my income level, I did qualify for the most ofthe programs under the Mayor's Office of Housing; however, I found that the fundingof many City programs for affordable housing were already depleted. The guidelinesfor the affordable housing program are also so restrictive that many of theadvantages of owning a home were lost. The TIC was the only opportunity left opento me, and in fact, I know that this is true for all of the other co-owners in my building. We are all middle income workers who contribute to the sustainability and livelihood of San Francisco: a social worker, a pastry chef, a SF Chronicle staff member with a young baby, a credit union employee, and myself, an elementaryschool teacher.  

Currently, we are hoping that our T.I.C. building will convert to condominiumstatus so that we achieve TRUE, independent, home ownership. As it stands now, weare co-owners of this building, strangers who have co-mingled finances because itis the only way for middle-income earners to purchase a slice of property in SanFrancisco. The change to condominium status will be a significant improvement forour financial lives. Because TICs require owners to combine incomes to pay aunified mortgage, we are all financially responsible for one another.

This is incredibly stressful. If one of us is unable to pay a portion of the mortgage or Homeowner's Association fees, the others must cover it. As someone who is alreadyworking two jobs, I do not have much disposable income to cover another's expenses;yet if I do not, I could lose my own property. In this sense, the TIC set uppunishes those of us who are working hardest to achieve home ownership.   Under the current lottery system, the wait for condo conversion is perhaps years away. Therefore, I strongly support Supervisors' Alioto-Pier and Dufty's legislation to allow TICs to convert to condominium status. It's time to promotehomeownership opportunities for the middle class!