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Ownership of Manhattan’s iconic Flatiron Building is still up in the air after the surprise winning bidder at last week’s auction failed to follow through on a $19 million deposit that would have guaranteed his sole ownership of the building, which has been vacant for years. Last week, the... View full entry
An L.A. developer has a new approach to the so-called tenancy-in-common, or TIC, model, in which residents share ownership of the property. Instead of converting old, rent-controlled buildings into TIC properties, the developer is replacing single-family homes with new townhomes.
Some real estate experts said the model could help the region’s gaping affordable-housing problem, particularly after a new state law opened more areas to similar development.
— The Los Angeles Times
S.B. 9 allows for up to four units to be built on plots formerly reserved for single-family developments exclusively. Since the bill was enacted, many investors have begun to demolish single-family units in order to construct the newer TIC model of townhouses, which was supposedly pioneered by a... View full entry
