New policy approved on S.F. below-market-rate condos resale
It had been two years of stressful waiting. Amy and Simon Jansuk, have been waiting for a buyer to purchase their below-market-rate condo at 270 Valencia St. since 2022. City rules have limited the sale price of below-market-rate units, meaning owners might even lose money on such sales — Mission Local wrote about the Jansuks’ plight in 2022, detailing how the city had set their sale price at $74,000 less than they’d spent on the condo.But after legislation proposed by District 7 Supervisor Myrna Melgar, they will finally have a chance to make a profit. The Planning Commission today voted 5-1 to approve an ordinance to create a waiver specifically for some below-market-rate units — like the Jansuks’ condo — that were bought for a higher price than the city is now allowing them to sell for. The waiver will only apply to […]
