Has anyone had this happen to them, yet?
I don’t know the legality of it (I’m sure your condo docs cover it … or maybe, they don’t, seeing as the developers are the one who wrote them), but I fear that some of the new projects coming online may end up being partially rented out, if the developers can find buyers.
I’m not talking about owners turning around and renting, and I’m not talking about condo conversions ending up staying as rental buildings.
I’m talking specifically about properties currently under construction, that might end up with fewer buyers than planned.
A developer in trouble in a dangerous thing.
Also, a temporary thing.
If the docs allow it (or are rewritten to allow it), I don’t think there’s anything to stop a developer from renting out a bunch of units.
That might be infuriating, don’t you think?
Has it happened to you?
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Updated: January 2018