TICs and the Problems with Them
One of San Francisco's challenges is the cost of housing in the city. Housing prices are very high, as is well known, but a popular way of finding affordable housing in the city is now toxic. Tenancies-in-Common (TICs) were once a way of living in the city without breaking the bank. In the TIC agreement, the tenants of a building all share one deed, which ties the resident's financial success to one another. However, due to the fall of the housing market, these properties are becoming less desirable and unable to be sold.
The Board of Supervisors has attempted to step in by using a lottery system, in which TICs are "converted" into condos, which sell faster. However, 2309 TIC members entered the lottery and only 200 were selected. This may become a major problem in the SF housing market.
What should the city government do to remedy this problem?