building's maintenance has
been neglected for so long that extremely large amounts of money needs
to be raised to pay for the required renovations. This money has to
come from the owners; either as large increases in fees, special
assessments or by the corporation taking on loans.
|The low-income owners cannot
afford these increases
in costs. This will result in a number of units being sold under
power-of-sales with the owners being forced out of their homes. At YCC
#42, up to one-third of the owners lost their units.
|The necessary repairs can take
several years to complete.
|The owners, who want a return to
democratic self-governance fail to persuade the courts that they have a
solid business plan that addresses the corporation's needs and that a
new board will have the required support of the majority of owners to
maintain the increases in fees and assessments until all the required
work is completed.