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Coin-Operated Elevators in Condominiums and Apartment Buildings Are Becoming More Common (www.yahoo.com)
submitted 2 months ago by to c/offbeat@lemmy.ca
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So if you have no change you get locked out of your home?

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[–] 8 points 2 months ago (3 children)

Yeah we have condo fees, part of that goes into preventative maintenance and contingency fund for breakdowns. Land Lord should manage it the same way

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  • [–] -2 points 2 months ago (2 children)

    The problem is that most condo boards can't actually charge enough in dues to cover the long-term maintenance costs. People just don't want to pay the real costs. This is a problem in Florida. After that tower collapse, Florida reformed their regulations on condo finances, requiring condos to charge realistic dues to actually cover long-term maintenance. People are now losing their condos because they can't afford the massively increased dues, which have to both pay the real expense of dues and make up for decades of underpayments.

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  • [–] 2 points 2 months ago

    After the Florida collapse, New Jersey passed a similar law. Fortunately, my condo has reasonable management, so we were at 90% of the money we needed in our fund, and got by with a relatively small increase - I think maybe $20 a month or something? Which is still an increase, but other condo boards are in real trouble.

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  • [–] 2 points 2 months ago

    It might be a bit different here. Owners can vote down the fee increase, which is stupid short term minded, but then if work needs doing it comes in the form of special levies that require payment per unit or it is a lein on the property.

    We've had some residents just stop paying fees thinking they can just refuse to contribute to building maintenance and operating costs, ignore legal notices, until they get the final "look, you owe this much in back fees, pay by x, or there will be a forced sale of property"...and by a miracle they suddenly pay

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