2 ms·

"People owning fractional buildings" has existed for almost 150 years, at what point should we start to see NYC buildings collapsing due to structural collapse?

ocdtrekkie 4y ago
This is false. The first condominium in the continental US was built in 1960, the entire scheme is only 63 years old. There's some older buildings that have been converted, sure, but the legal concept isn't that old. And buildings start needing more significant structural work after forty or fifty years. Which is to say, yes, I expect many more condos to collapse over the next couple decades.
- gaadd33 4y ago
  Given the extremely similar structure in operation (residents are elected to the board, control maintenance fees, etc) and that insurance companies consider them the same for insuring purposes, what makes condos significantly worse than co-ops (which have been around for ~150 years)?
- techsupporter 4y ago
  > The first condominium in the continental US was built in 1960, the entire scheme is only 63 years old. This is correct in the sense that it is technically correct (for residential dwellings; commercial condominiums have existed for almost a hundred years prior). However, residential cooperatives (co-ops) have existed in the United States since the mid-1800s. These are functionally the same as a condominium with a slightly different legal structure. But the end result is identical: multiple owners jointly managing a building in which they all own a stake.
  - ocdtrekkie 4y ago
    I mean, FWIW, the issue primarily relates solely with residential dwellings: Businesses generally have a better grasp on risk factors. Also, many residential cooperatives, to my knowledge, refer largely to house-sized structures, especially... in the mid-1800s. It's much more affordable to manage repairs for less floors and traditional wood frame construction. It's also plausible the legal structure of a condominium itself is the problem that leads to, well, largely incompetent management. Obviously I'm not sure landlords are a winning solution for anyone either. But particularly for large structures, I would prefer actual public/government management over a quasi-government entity comprised of self-centered residents.

ocdtrekkie 4y ago

This is false. The first condominium in the continental US was built in 1960, the entire scheme is only 63 years old. There's some older buildings that have been converted, sure, but the legal concept isn't that old. And buildings start needing more significant structural work after forty or fifty years. Which is to say, yes, I expect many more condos to collapse over the next couple decades.

gaadd33 4y ago
Given the extremely similar structure in operation (residents are elected to the board, control maintenance fees, etc) and that insurance companies consider them the same for insuring purposes, what makes condos significantly worse than co-ops (which have been around for ~150 years)?
techsupporter 4y ago
> The first condominium in the continental US was built in 1960, the entire scheme is only 63 years old. This is correct in the sense that it is technically correct (for residential dwellings; commercial condominiums have existed for almost a hundred years prior). However, residential cooperatives (co-ops) have existed in the United States since the mid-1800s. These are functionally the same as a condominium with a slightly different legal structure. But the end result is identical: multiple owners jointly managing a building in which they all own a stake.
- ocdtrekkie 4y ago
  I mean, FWIW, the issue primarily relates solely with residential dwellings: Businesses generally have a better grasp on risk factors. Also, many residential cooperatives, to my knowledge, refer largely to house-sized structures, especially... in the mid-1800s. It's much more affordable to manage repairs for less floors and traditional wood frame construction. It's also plausible the legal structure of a condominium itself is the problem that leads to, well, largely incompetent management. Obviously I'm not sure landlords are a winning solution for anyone either. But particularly for large structures, I would prefer actual public/government management over a quasi-government entity comprised of self-centered residents.