A lot of you are outraged about a law that allows you to be booted from your condo, even if you paid in full.It's called the "termination of condominium" statute.
Investors can buy up units, become majority owners and then force the rest to sell at their appraiser's value.
Investors do this because they want to turn the condos into apartments.
So what can you do?
- Make your complex less attractive.
- You can adopt rental restrictions. If investors can't rent units while they try buying them all up, they may not want it.
- You can also get the HOA to raise the percentage of owners it takes to approve a termination. Arizona law is 80%. Other states require 100% of owners to approve it.
- And maybe, more importantly, if you don't like it, get your lawmakers to change it.