For months, players have been complaining about high rents in the city-building sim. This week, developer Colossal Order fixed the problem by doing something real cities can’t: removing landlords.
We have strata, or group ownership of the land and structure of a housing complex. Each owner owns what’s inside the walls of their apartment but the strata owns rye rest and is jointly owned by all owners. Each pays a fee to cover maintenance, upkeep and a sinking fund for major repairs. It works pretty well, for the most part.
However there is quite an administrative burden and many homeowners dont want the hassle of doing the admin so the busybodies tend to do it and overstep their boundaries often. Many use an external company to manage it. The biggest company was just in the need today as it was fsvouring its own insurance product for all the buildings it manages. Conflict of interest for profit isn’t quite the joint ownership plan strata envisions.
Good luck with that…we’ve tried it since the beginning of time…those institutions invariably turn into HOA like cluster fucks of bad management.
HOAs are rare where I live, but we often have property management that oversees multiple units to take care of and fund common elements.
They’re not all perfect, but most aren’t nearly as bad as what I’ve heard about HOAs.
We have strata, or group ownership of the land and structure of a housing complex. Each owner owns what’s inside the walls of their apartment but the strata owns rye rest and is jointly owned by all owners. Each pays a fee to cover maintenance, upkeep and a sinking fund for major repairs. It works pretty well, for the most part.
However there is quite an administrative burden and many homeowners dont want the hassle of doing the admin so the busybodies tend to do it and overstep their boundaries often. Many use an external company to manage it. The biggest company was just in the need today as it was fsvouring its own insurance product for all the buildings it manages. Conflict of interest for profit isn’t quite the joint ownership plan strata envisions.