Largest Apartment Building Ellis Act in San Francisco History Invoked

BeyondChron is reporting today that a 38 unit building has been Ellis Acted...

"The owner of a 38-unit apartment building at 901 Bush Street invoked the Ellis Act last week in an attempt to convert its former rental units into tenancies in common (TICs). Should it be approved, the site would represent the largest apartment building to fall victim to the Ellis Act in San Francisco history."

"The attempt comes on the heels of the Board of Supervisors rejecting the owner’s bid to convert the units directly to condos, a decision mandated by the owner's ignoring of the Planning Department and the city's General Plan. Now, the city faces both a significant loss of its rental housing stock and the displacement at least twenty of its long-time, low-income residents. The owners, however, face trying to sell a building full of tenancies in common (TICs) where every buyer will share liability and mortgage responsibilities with 37 strangers. Finding such buyers could prove difficult, making the decision to use the Ellis Act in this case financially questionable."

"[Supervisor] Peskin, who attempted to negotiate a deal with the building owners before taking the battle to the Board, agrees. He believes the move to invoke the Ellis Act represents a political statement more than a rational real estate endeavor."