Ths first of many, I am sure.
https://www.miamiherald.com/news/local/community/miami-dade/miami-beach/article252544473.html
The trouble is the method for dealing with maintenance projects in this condos, the so-called 'Special Assessment' is completely insane. Basically the residents have to collectively fund works.
In the case of re-finishing a flat roof or painting the building, okay, but major repairs? Doesn't work. The special assessment for the building that collapsed apparently meant all residents paying 82000 USD.
You don't have to have a crystal ball to work out that's not going to be reachable for most people. There must be a better way.
Always surprised me HOAs don't create some kind of collective cooperative credit union, so they can at least raise capital and have some mechanism for paying for it longer term. Maybe they do, idk
