In our quest to make everyone a homeowner and provide affordable housing to those who could not otherwise afford a mortgage, after several decades the hens appear to have come home to roost. During the housing boom, apartment buildings were turned into condos to meet the demand of affordable units and now, after massive failures, condos are being turned back into rental apartments. Artificially lowering the upfront costs of homeownership neglected to take into account the long term costs. We are now faced with answering the tough questions of whether or not they are a viable form of ownership. Even the most ardent proponents are starting to have second thoughts.
Joining us On The Commons this week is Tyler Berding. Tyler is an attorney in Northern California who represents HOAs and maintains a blog at www.condoissues.blogspot.com where he has been sounding the alarm about the inherent problems in condos. We will talk about the current situation in the rather topsy turvy world of older and not so old condominiums and find out where we go from here. Are other cultures more successful at managing condo style living. Tune in to find out.
