A Liberal Theory of Property in condominium

The building engineer ’ s report on the low-rise condominium apartment building details the scope of work required. The roof is leaking, the elevator requires seismic upgrading, the windows and exterior siding are failing, and the heating system needs rebuilding. Although the owners of the individual apartments have been paying monthly fees in anticipation of these common property expenses, each owner faces a substantial special levy to cover the expected costs. The land developer ’ s offer to purchase the complex is eye-popping. Anticipating that the city will permit it to demolish the existing building and construct a high-rise condominium apartment tower on the site, the developer has offered owners a significant premium to induce their collective sale. If they were to accept the offer, owners would receive approximately twice the assessed value of their units based on individual sale. This – and owner interests unanimous consent owners, vote