Florida's real estate meltdown is leading to a second crisis: so many condo owners have stopped paying their fees that associations have had to cut back on maintenance and repairs, leading some to fear a "death spiral" for condos.
"Florida's condominium and homeowners' associations are facing what experts call a trickle-down disaster from the property crisis. Dozens and perhaps hundreds of condo buildings have budget shortfalls as thousands of owners, under water on their mortgages or in foreclosure, stop paying monthly fees.
Nearly half of Florida's 18 million residents live in condo or homeowners associations, communities where owners pay monthly fees for common expenses like cleaning, landscaping, pool maintenance and building insurance.
No one seems sure how many condo buildings are in trouble but the number of calls to Florida's condo ombudsman could be an indicator. They are up tenfold in recent months. The crisis could mean serious pain for Miami Beach, a resort town with 88,000 residents and 42,000 condos. If debtors walk away from their units, buildings could become derelict."
FULL STORY: U.S. Property Bust Threatens Condo "Death Spiral"
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
How Urban Form Impacts Housing Affordability
The way we design cities affects housing costs differently than you might think.
The State of E-Scooters in the US
Eight years after shared e-scooters were first introduced in US cities, the industry still teeters on the edge of success, hindered in part by limited infrastructure.
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Barrett Planning Group LLC
HUD's Office of Policy Development and Research
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HUD's Office of Policy Development and Research
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