Q: I have heard that there will be efforts to change the new condominium law about inspections and reserves. Can you shed any light on what the proposals might be and their chances of passing? (S.G., via e-mail)
You can read my initial summary of the new statute in my column “Enforcement of New Structural Safety Law Examined,” dated July 3, 2022.
SB 4-D, effective May 26, 2022, is arguably the most significant change to the condominium and cooperative statutes ever. The effects on the market in terms of affordability, unit values, and public perception of the safety of condominium living are yet to play out. Given current economic uncertainties, the effects could be substantial.
As noted in my previous column, the legislation was enacted rather abruptly in a special session of the Legislature called for other purposes. Perhaps predictably, this resulted in a few “glitches” in the statute. Transformational legislation is often passed with the understanding that it will need to be refined further.
Recent Comments