This proposed construction defect ordinance highlights the vital importance of condominiums in providing affordable housing for emerging markets, like Denver. However, the proposed legal protection for developers wouldn’t guarantee more condo construction.
Denver unveils construction-defects reform proposal to spur condo building
10/15/2015
By Vic Vela
THE COLORADO STATESMANDenver Mayor Michael Hancock this week unveiled a proposal aimed at reining in costs associated with construction defects lawsuits, an issue he believes has hampered the city’s ability to provide housing options for a booming city population.
The proposed ordinance is the latest effort by a municipality to deal with a polarizing issue that has yet to yield results at the state level.
“Cities are looking for leadership, and we’re looking for balance because ultimately we pay the price at this level when we don’t have the proper laws to allow us to implement a balance within our communities,” the mayor told reporters Tuesday.
Developers argue that a rise in lawsuits brought by condominium homeowners associations over construction defects has created a chilling effect on new condo development.
And reform supporters argue that high costs due to increased litigation have hurt cities like Denver, which is experiencing an affordable housing crisis. READ MORE: http://www.coloradostatesman.com/content/996243-denver-unveils-construction-defects-reform-proposal-spur-condo-building
Given that condo development is an integral part of a city’s economic growth, do you think this type of legislation is the right move? Should homeowner associations be provided more legal protection when combating negligent developers?
What is your opinion? Let us know! Email us at info@associationevaluation.com.