The City of Chicago has had a little-known and largely unenforced condo conversion ordinance (pdf) on its books for more than 30 years.
Now that the condo conversion market has ground to a nearly complete halt, Mayor Daley is proposing additional disclosures and regulations governing the sale of new and converted condos, and additional protections for renters in condo conversions and properties in foreclosure. Read the Mayor’s press release.
Will consumers pay attention to and benefit from the new required disclosures or will they be just another layer of costs imposed on developers and condo buildings?
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