Demanding that HOAs save money for the future is just one part of the solution. In practice, a fully-funded reserve account is a solution that may be impractical or impossible to implement for the vast majority of existing HOA-governed communities.
IAC reached out to several legal and consumer advocates across the U.S., and asked them to share their thoughts on how to prevent another tragedy like the collapse of Champlain Towers South, near Miami, Florida.
As the recovery of victims of the collapse of Champlain Towers South condominium wraps up, and investigations of the cause or causes of the disaster begins, consumers must come to grips with the grim realities of common ownership.
This post summarizes what we know now, considers how the collapse of Champlain Towers South might have been prevented, and opines on what lie ahead for owners and survivors.