HOA Crisis: Bad news for seniors and condo owners in general

If you live in a condo or planned unit development that has HOA fees, you've probably already gotten the bad news. Your costs are more than likely going up, WAY UP.

I spoke to the manager of a building last month who warned his unit owners to be prepared for a BIG increase in their HOA fees due to a new law signed by Governor Murphy earlier this year.

The law mirrors a similar law enacted by Florida following the collapse of Champlain Towers in Surfside, Florida, in 2021.

SEE MORE: Where to enjoy the Feast of the Seven Fishes in New Jersey

Canva / TSM illustration

The law is meant to ensure that homeowners associations maintain their buildings properly and have money in reserve should a catastrophic episode like that building collapse occur. So, all HOAs must fund this "reserve," even though some buildings are extremely well managed and maintained.

As with most laws in New Jersey, look to see who benefits. Well, they'd like you to think that it's all about the safety of the occupants of these buildings, but this is New Jersey, someone has to be making money.

How about the architectural and engineering firms that do business with the municipalities, counties and the state? One of the organizations posted an article earlier this year explaining what HOAs should know about the new law.

Canva / TSM illustration

Somebody has to conduct the inspections of all of these buildings and, of course, they don't do it for free. So, could it be that since they lobby hard in Trenton, they convinced some legislators to come up with a law that would bring in more steady income? Whenever there is a new law that aims to protect the public from some unseen danger, someone connected in Trenton is making money from it.

That money is coming from people who can least afford it, seniors and young homeowners who can only afford a condo. This is despicable and gives credence to the theory that the government doesn't want individuals owning homes. Corporations can buy these properties that average people can't afford and then rent them to the same people.

Imagine your rent going up $200 to $500 a month. This is outrageous and could lead to great financial hardship for the people who can least afford it. Thank you, New Jersey Legislature and "Givenor" Murphy.