Housing Bubble 2: Return of the Ugly

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Florida hit by 'worst real estate crisis in decades' as desperate condo owners slash prices by up to 40%: 'It's paradise lost' (www.dailymail.co.uk)

submitted 3 months ago by SeattleRain@lemmy.world to c/housing_bubble_2@lemmy.world

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[–] moistclump@lemmy.world 10 points 3 months ago (1 children)

Now DailyMail.com can reveal an estimated 360,000 property owners in south Florida alone - the home of the condo boom - may not be able to afford the repairs required by the new law.

Could the law be phased in? I know maintenance needs to be funded but it takes time to build up those reserves.

[–] Diplomjodler3@lemmy.world 21 points 3 months ago (1 children)

Reserves should be built up from the day the building was first constructed. If owners fail to do that because of greed, they should face the consequences.

[–] RestrictedAccount@lemmy.world 6 points 3 months ago (1 children)

The issue is that most of the owners that profited have sold and moved on years ago. Given that this is Florida, they are probably dead.

[–] Diplomjodler3@lemmy.world 11 points 3 months ago

That doesn't change anything about the responsibility of the current owners. If you own property you are responsible for the upkeep.