We have all seen the movie "The Castle", poking
hilarious fun at the Government's powers of compulsory
acquisition over your home.
But what if your own neighbour could also compulsory acquire
your home?
The New South Wales Government has released an exposure draft of
Strata termination legislation which empowers private citizens to
forcibly acquire other people's homes.
So long as 75% of owners in the strata plan agree, (some of whom
may be investors or developers), the entire site can be
collectively sold or re-developed.
Sydney needs more housing and the Government's justification
for this proposal is urban renewal and consolidation.
If an apartment building is nearing the end of its life then it
might make "some sense" to force one or more reluctant
owners to give in and sell their unit so as to enable
re-development of the entire building. However, this is not a
criteria in the draft legislation. There is no requirement that the
building be run down.
