'The money wasn't there': New condo law requires fully funded reserves, many owners priced out

[@KungPowEnterFist]

The owner's are not priced out. They just want the taxpayer to repair their buildings for them.

[@rubyannr6898]

Not our problem. No bailouts.

[@johnm2991]

Wouldn’t be surprised if there are indictments for malfeasance against the HOA management companies. Where did the repair money go if it wasn’t used for the intended purposes of condo repairs???

[@williampride6008]

😅😅😅. And I wonder. Why why why why why. Tax money ran away.

[@Castaway_Chuck]

Condo law in CA requires an independent audited review of financial, reserves and requirements every three years. We have never had legislation that required condos to meet these minimum requirements to keep up. Good legislation makes for good, stable housing. This should have never happened. Who is to blame? Past administrations kicked the can down the road, failing to address condo law re. maintenance, repair, capital improvements and independent audit to ensure keeping things current.

[@johnpaulwebb3440]

The same people who sold you those condos are now selling bitcoin.

[@williampride6008]

And investing in Tesla stock

[@Pamela0707]

Screw the HOA!!

[@erikh9991]

After 25 years buying a condo is like that game "hot potato". At some point, they will condemn on the building.

[@rondas7772]

Not true, Chicago downtown area of condo is thriving and they're expensive, corporate jobs downtown, they're main source of housing in Chicago, in the pricey direction area

[@steveb796]

Turns out they should have had some regulations.

[@Pamela0707]

😮h please, Florida is a joke! This is why i am moving out!!

[@KevinDick-h6f]

My on my that means owners have disclose that they are responsible ? To some that would be shameful .

[@hologramhouse729]

Whats the buzz? Tell me whats happening

[@auburnjewels2]

It's called "deferred maintenance" and the condo owners vote for it every time. Not anymore. Is this a news station or fake news clickbait? Smh.

[@pauldietzmann5610]

Its the American way no $ for car repairs Home repairs use the credit card

[@anniesshenanigans3815]

Don't buy a condo! I won't live in one. After Surfside collapsed, it solidified my decision.

[@justwatchingnews.9733]

well when the sand is pulled out in the ocean by storms the road or concrete on top the sand moves too and if there is a building there well it can damage its support to hold it up sand and dirt all can be pulled out to the ocean every time there is a storm checks like this should be done yearly or every 3 years. every building along the beach is at high risk of falling over after a storm and every building like this 2 blocks in land from the beach is at around 50% to 65% change of a risk after a big storm and should be checked after every storm. that pulls a lot of sand out to the ocean.

[@bobbybrown6646]

New law? Many condos already have this in place. Reserves updates ect. Go ask a realtor, half of them are clueless if this was even completed or not in their listings. Lol

[@bradbradshaw-i4n]

this has been an issue for at least 3 years and you are just talking about it.

[@BarrierIsland]

2 issues here. 1 building collapsed in Miami because it wasn't cared for properly. Also is it fair to force condo owners out due to insolvent HOA's??? These buildings need to be professionally managed, not a group of old farts with one foot on a banana peel who don't care about reserve's...

[@mrparts]

That’s the problem with Florida. In the name of “freedom” the state allowed HOAs to be unregulated and defer maintenance for decades. Now the bill is due and these HOAs are bankrupt.

[@BillyLapTop]

Condo owners never saw this coming after the towers collapsed.

[@lewisthierman3313]

You can call it anything you want. When it falls on your head, Don't blame it on Trump or global warming, or Russia, or Martians

[@patrickm6012]

I blame it on bad, not well thought out legislation.

[@AmitJessia]

Thanks for the forecast! I have a quick question: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?

[@Kodycares]

And the rich get richer.