"Tenancy In Common" Displaces Tenants
Although I am in no position to buy anything anytime soon, I’ll admit I’ve occasionally peeked at local real estate listings. If you do as well, you’ve probably seen some listings for “Tenancy In Common” homes (especially common with bungalow courts).
On the surface, TIC sounds like a good solution to the limited supply of homes available to buyers who aren’t rolling in dough. Buying a fractional share of a multifamily property for significantly less than a single-family home seems like the answer to a middle-class home seeker’s prayers…but unfortunately the full truth is more complicated than that.
Worst of all, the no-good Ellis Act (boo! hiss!) is being used to force out renters, whose affordable rental homes are quickly flipped and sold as “affordable” real estate.
Far too many locations to list, citywide.