Here are some figures for my building which is hearsay, and not disclosed to residents yet. The monthly maintenance fee will go up to around $850/m. In addition to that, there will be an assessment of $15K on each owner to be paid over a year. What old person can afford $2100 a month when they have been paying $600? I predict most people won't be able to pay it, and won't be able to sell their condo, so they will be evicted and made homeless. Let's say that people do pay and there is a million dollars in the bank, that money will be stolen or deflated in value due to inflation so when it it needed, there will have to be another assessment because once you use the money there's not 100% reserves, so there will be constant assessments anyway as work needs to be done after the initial assessment. So they may as well not do the initial assessment and have a million dollars sitting in an account for reserves that will get stolen or devalued by inflation. Besides making the elderly homeless, this is a really stupid law that, if it's not repealed, will cause many personal disasters and homelessness.
Great video. Very helpful. Thanks for sharing
Very welcome!
Here are some figures for my building which is hearsay, and not disclosed to residents yet. The monthly maintenance fee will go up to around $850/m. In addition to that, there will be an assessment of $15K on each owner to be paid over a year. What old person can afford $2100 a month when they have been paying $600? I predict most people won't be able to pay it, and won't be able to sell their condo, so they will be evicted and made homeless. Let's say that people do pay and there is a million dollars in the bank, that money will be stolen or deflated in value due to inflation so when it it needed, there will have to be another assessment because once you use the money there's not 100% reserves, so there will be constant assessments anyway as work needs to be done after the initial assessment. So they may as well not do the initial assessment and have a million dollars sitting in an account for reserves that will get stolen or devalued by inflation. Besides making the elderly homeless, this is a really stupid law that, if it's not repealed, will cause many personal disasters and homelessness.