12 Hrs
Source:
Los Angeles Times
California condos decline worsens crisis
California's construction of new condominiums has sharply declined since the early 2000s, limiting access to affordable homeownership options amid a housing crisis. The primary cause is a 2002 law requiring builders to address construction defects for up to 10 years, which has led to costly and frequent lawsuits, especially against condo projects. Despite efforts to reform this law to encourage condo development, the proposed legislation failed this legislative session, though advocates remain optimistic about future reforms.
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