Brookings Institute – Lessons from the Surfside condo collapse on strengthening community ownership

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?   Read the entire article……………………………….