Condo owners and associations are engaged in a fight for resources as they compete for necessary repairs in order to comply with the Building Safety Act.
It’s like the “Hunger Games,” according to Colliers’ Greg Main-Baillie, who works with condo associations, as he said there’s a race to meet the Building Safety Act’s deadline of December 2024 and to raise the funds to make the repairs.
“Most buildings that are 20 to 50 years old or older have not adequately maintained their structure or their reserves. Those buildings are potentially exposed to multimillion-dollar assessments, which are in some cases going to double or triple the homeowner’s association fees,” said Main-Baillie.