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With around one million condo units impacted by the new regulations, many owners are finding themselves in dire situations. Longtime real estate analyst Peter Zooki has referred to this phenomenon as the "condo cliff," underscoring the precarious position in which many owners now find themselves.
The milestone inspections are mandated to be conducted by licensed engineers or architects, and should any issues arise, further in-depth evaluations may be required. As a result, owners not only face potentially hefty repair bills, but the associated stress and uncertainty have become overwhelming, leading many to sell their units in desperation.