Condo Builders Put on Brakes Fearing Lawsuits
Some condo developers are entering new projects cautiously or refraining from them altogether due to the growing threat of litigation for potential construction defects that are making some projects difficult to finance. The problem is particularly hitting a head in Colorado. In Denver, a lack of condo construction has caused lawmakers and affordable housing activists to push for changes to the state’s construction defects law to urge more condo construction. Lawmakers in Texas and Nevada also have approved legislation that is aimed at curbing such litigation.