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I'm aware of that, but unfortunately, a lot of real estate interests use TICs and the state Ellis Act to kick out long-term rent-controlled tenants.
by ktothemc 12y ago
I'm aware of that, but unfortunately, a lot of real estate interests use TICs and the state Ellis Act to kick out long-term rent-controlled tenants.
- spikels 12y agoWell technically it is only the Ellis Act that makes eviction easier. TICs just happen to be the best exit for a building that has been "Ellis Acted" and therefore cannot be rented for several years. All the units still remain subject to all the rent control rules if they are ever rented again - plus a whole bunch of other rules meant to discourage the practice. Again TICs are just the way multiple people own a single real estate. BTW - TICs have an unusual meaning in SF. In most (English law) places it simply means property held "as undivided partial interests" - say 50/50 by two owners. In SF it means not merely this but also that all the owners have an agreement between them about who live where, etc - much like a coop agreement. It is sort of a condo-lite created in response to the restrictions on condo conversion - part of the endless war that is rent control (that only reliably benefits lawyers and politicians who are usually lawyers too). Again - complex stuff - see a lawyer. ;)