Condo conversion OK'd on Rincon Hill

In Wednesday's SF Examiner, there's an article about a 320-unit apartment building that has just been given approval for condo conversion.

"Under the deal, Blackrock Real Estate/Rincon LLC., the owners of the Rincon Towers at 88 Howard St., can sell off the residential component of the building. In exchange, the owners will provide a settlement package worth $5 million to tenants, money that can be used for relocation or as a down payment for a condo, according to a memo from Redevelopment Agency Executive Director Marcia Rosen."

Does any other city in the country provide a political climate that would see a developer paying out $5M to tenants when a building is converted? Not likely. But it must make financial sense for this developer, or they wouldn't have considered it.

Wanna bet that Chris Daly has already started looking at ways to prevent this from happening or to increase that $5M package to a number that will make it financially impossible for the developer to make it work?