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USA – Lessons from the Surfside condo collapse on strengthening community ownership (Brookings)

Tracy Hadden Loh writes: The June collapse of the Champlain Towers South multifamily condominium tower in Surfside, Fla. has called into question whether bad governance played a role in the tower’s failure. Was maintenance on the building deferred because the condo board, elected by the unit owners, had a short-term incentive to do so in order to retain power? Or are communities of individual owners, who are not real estate professionals, simply incapable of managing a complex asset like a high-rise building? Are American condominiums a 20th century experiment that have now reached a dangerous reaction point in the lab?

go to Brookings: Lessons from the Surfside condo collapse on strengthening community ownership (brookings.edu)