TICs are poor cousins to condominiums.
They carry more legal risk because owners share ownership of a building, but have the advantage of getting around the city's draconian 200-unit annual limit on condominium conversions. You could say that The Special City is the only city in America to actively discourage home ownership in favor of renting. Moneyed folk in the market have nothing to fear from the Supes. Gutfleisch also noted that Proposition G, a rent control measure with TIC regulations approved by voters in 1998, made TIC conversions more difficult. And Turner is no fan of TICs because of the liability problems.