Despite an influx of young adults to the state, Colorado’s condominium market has been stuck in the mud.
The state’s laws regarding construction defects prompted a spate of law suits over the past decade that caused a spike in insurance premiums. Newly passed legislation now requires that a majority of condominium owners approve builder defect lawsuits, not just a majority of the homeowners’ association board.
Housing experts believe that the change passed by state lawmakers could stimulate new condo construction, but it will be a while before insurance companies start lowering the dollar amount of policies. Opponents of the new regulation say that the change will promote shoddy construction.
One observer noted that if the change doesn’t promote new condo construction, the legislature may have to consider other action.
Related Stories
Codes and Standards | May 13, 2020
Researchers flag insufficient training for construction workers on healthcare projects
May contribute to fungal disease outbreaks that endanger patients
Codes and Standards | May 8, 2020
New NIBS report evaluates natural disaster mitigation strategies
Document examines strengthening buildings for flood, wind, wildfires, and earthquakes.
Codes and Standards | May 6, 2020
A few ways contractors can manage COVID-19 risks
Staggered start times, rigorous tool cleaning, virtual training among the strategies.
Codes and Standards | May 5, 2020
NAHB loses influence in 2021 IECC building code development
Despite objections from the National Association of Home Builders (NAHB), the development of the 2021 International Energy Conservation Code (IECC) is nearing conclusion. NAHB objected to several more stringent energy efficiency provisions.
Codes and Standards | May 5, 2020
2020 IECC will lead to significant carbon emissions reductions
New model building code nearly finalized.
Codes and Standards | May 4, 2020
New York expands prevailing wage law
Now includes private projects with 30% or more of public subsidies.
Codes and Standards | May 1, 2020
OSHA says most employers don’t have to track worker COVID-19 infections
Agency clarifies responsibility for contractors, others.
Codes and Standards | Apr 29, 2020
New York City tightens restrictions on construction during pandemic
Dept. of Buildings has issued more than 100 violations and stop-work orders.
Codes and Standards | Apr 28, 2020
ASHRAE, WELL panels to tackle revising standards to limit spread of viruses in buildings
Will examine ways to reduce infectious threats through building designs and operations.
Codes and Standards | Apr 24, 2020
Dept. of Labor issues guidance for respiratory protection during N95 shortage
Elastomeric respirators or powered, air-purifying respirators, and expired N95s are allowable alternatives
