HomeOwnership is the principal goal for 70% of SF tenants. Yet, City policies seem intent on preventing homeownership for tenants. SF has homeownership of 34%. The US average is 68%!

Ownership housing in San Francisco is increasingly out of reach. People are forced to leave SF to become homeowners. But there is a commonsense practical win-win solution.

Why not let tenants buy their own apartment and condo-convert the building? Tenants who choose not to buy, would continue to rent, with iron-clad protection from Ellis and OMI evictions and Costa-Hawkins rent increases. No-one will get evicted. No-one will get hurt. Thousands will benefit.

New Yorkers and Europeans do it all the time! It is a great way to break into first-time homeownership.

Each tenant would agree with his landlord on a price for their apartment. Since the investment value of a rental unit is much less than the price of a condo, both owner and tenant would have an incentive to cooperate for mutual benefit, perhaps by tens of thousands of dollars each.

When a critical mass of tenants -- say 25% -- make a deal with their landlord, they would apply to the city to subdivide the building into condos. Within a few months -- voila -- homeownership.

The HomeOwners Association (HOA) or a property management company would make repairs, pay bills, collect HOA dues etc.

Many zero and low-downpayment loans are readily available eg FHA Access, DALP, CRA loans, FNMA etc. (read our Files)

Roommates/family/friends as co-signers can help tenants qualify for loans.

The mortgage payment and property taxes are deductible on Federal and State taxes. There is a huge (25-35% of the payment amount) subsidy available to encourage homeownership. Take advantage of it!

The after-tax cost of homeownership can often be less than the cost of the rent!

A typical studio / 1BR unit would cost about $ 200,000. The typical mortgage payment would be $ 1500/mo. The typical after-tax out-of-pocket cost would be $ 1100/mo.