Illinois Gov. Bruce Rauner vetoed a bill that he said would restrict condo owners' rights.
A law that took effect last year allows owners to override rules requiring the approval of 75% of owners. Some condo associations where developers hold unsold units, giving them seats on the board, have adopted a rule requiring 75% of unit owners in the building have to approve a lawsuit, according to a member of the Chicago Bar Association's condominium subcommittee.
For developments where the owner holds a significant percentage of units, the 75% threshold is rarely reached, preventing other owners from recouping the cost of repairs due to construction flaws. A recent change in the state's condo law made it easier for owners to sue if they wanted to hold their developer accountable. The governor’s veto preserves this change in the law.
According to Chicago Business, many of the thousands of condos built in the city during an early 2000’s building boom were poorly built. The faulty units reportedly had leaky windows or cracks in walls.
Related Stories
Sponsored | Resiliency | Dec 14, 2022
Flood protection: What building owners need to know to protect their properties
This course from Walter P Moore examines numerous flood protection approaches and building owner needs before delving into the flood protection process. Determining the flood resilience of a property can provide a good understanding of risk associated costs.
HVAC | Dec 13, 2022
Energy Management Institute launches online tool to connect building owners with HVAC contractors
The National Energy Management Institute Inc. (NEMI) along with the Biden administration’s Better Air in Buildings website have rolled out a resource to help building owners and managers, school districts, and other officials find HVAC contractors.
Green | Dec 9, 2022
Reaching carbon neutrality in building portfolios ranks high for organizations
Reaching carbon neutrality with their building portfolios ranks high in importance among sustainability goals for organizations responding to a Honeywell/Reuters survey of senior executives at 187 large, multinational corporations. Nearly nine in 10 respondents (87%) say that achieving carbon neutrality in their building portfolio is either extremely (58%) or somewhat (29%) important in relation to their overall ESG goals. Only 4% of respondents called it unimportant.
Green | Dec 9, 2022
Newly formed Net Zero Built Environment Council aims to decarbonize the built world
Global management consulting firm McKinsey recently launched the Net Zero Built Environment Council, a cross-sector coalition of industry stakeholders aiming to decarbonize the built world. The council’s chief goal is to collaboratively create new pathways to cut greenhouse gas emissions from buildings.
Energy Efficiency | Dec 6, 2022
Washington state’s Building Code Council mandates heat pumps in all new residential construction
The Washington State Building Code Council has voted to require heat pumps for all new residential construction starting in July 2023. The new mandate has drawn criticism over concerns that it will add costs to housing construction, especially given current supply chain challenges for heat pumps.
Geothermal Technology | Dec 6, 2022
Google spinoff uses pay-as-you-go business model to spur growth in geothermal systems
Dandelion Energy is turning to a pay-as-you-go plan similar to rooftop solar panel leasing to help property owners afford geothermal heat pump systems.
Contractors | Dec 6, 2022
Slow payments cost the construction industry $208 billion in 2022
The cost of floating payments for wages and invoices represents $208 billion in excess cost to the construction industry, a 53% increase from 2021, according to a survey by Rabbet, a provider of construction finance software.
Multifamily Housing | Dec 6, 2022
Miami-Dade County will allow accessory dwelling units
Commissioners in Miami-Dade County, Fla., recently voted to allow many single-family homeowners to rent out accessory dwelling units on their property. Many homeowners will be allowed to rent out garages, separate quarters, or detached backyard apartments if they meet certain standards including for lot size and parking.
Steel Buildings | Dec 6, 2022
2022 AISC Code of Standard Practice for Steel Buildings and Bridges released
The American Institute of Steel Construction recently released an updated revision of one of its flagship standards, the Code of Standard Practice for Steel Buildings and Bridges (ANSI/AISC 303-22). The code was last updated in 2016. The latest version is available as a free download at aisc.org/2022code.
Multifamily Housing | Dec 6, 2022
Support for multifamily rent control legislation grows as metros face big rent hikes
Steep rent increases during the pandemic recovery have spurred support for rent control legislation in several areas of the country.
