Hotel Rooms Looking to Condo Conversion

Nice entrance to come home to

The Board of Supervisors will vote on whether over 500 hotel rooms can be converted to condo's. The hotels would like to do this because they can avoid the up/down income stream of tourism and because the conversion to condo brings in more money than tourist rentals.
Andrew Peskin was at odds with this idea because tourist dollars are a big part of San Francisco revenue. The Mayor was for the idea and a compromise was reached after years of wrangling. Today the City Planning Commission will know whether it can approve up to 550 hotel rooms for conversion. The 2005 provision that disallows hotel rooms to become condo's will likely be overturned, now that the Peskin-Newsome deal has been reached
Personally, Im not opposed to the idea as long as it doesnt interfere with tourist dollars because it provides housing without taking more rental units of the market. Im expecting a huge yes for this one.

Thanks for Reading
Howard Sobel
www.yourpropertypath.com
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