By Robert Braverman
Investor demand has helped fuel rising condo prices, but many New York City condo boards are waking up to the fact that a bumper-crop of absentee owners–many of them investors–can be hazardous to their building’s health.
In the buildings where I am the legal advisor to the board, the tipping point occurs when at least 20-25% of units belong to owners who rent out their apartments when they’re not using them, which is most of the time.
The effects–detailed below–are broad enough and consistent enough that I expect to see some condominiums push to create cultures more akin to that found in co-ops, particularly with regard to the implementation of more restrictive rental policies….
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