In the worst-case scenario, a significant number of condo associations could go bankrupt due to the inability to cover the costs of necessary repairs and maintenance. This could lead to widespread foreclosures, plummeting property values and a ripple effect throughout the local real estate market.
If the crisis deepens, there could be a mass exodus of residents from affected condo buildings, leading to a glut of unsold properties and further declines in prices.
Insurance companies could refuse to cover certain buildings or raise premiums to unsustainable levels, making it difficult for buyers to obtain financing.
Condo owners are scrambling to offload properties before the full force of the new laws hits, with some slashing prices by as much as 40% to avoid enormous repair bills.
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