By Marissa Ventrelli | SOURCE: Colorado Politics
Ask just about any Colorado legislator, regardless of party, what they believe to be one of the biggest issues facing the state and there’s a high likelihood they will say housing. More specifically, state lawmakers are grappling with the lack of affordable units for first-time homebuyers due in part to the Construction Defect Reform Act, which has left developers vulnerable to costly lawsuits and the state with fewer housing options.
While current members of the Colorado General Assembly work to find a solution, one thing is certain, for the last two decades, construction on housing, such as condominiums, prime real estate for first-time home buyers, has decreased significantly, adding to a growing problem of affordability and accessibility. Condo construction has plummeted since 2003, as developers have opted to avoid building them altogether.
Passed in 2003, the Construction Defect Reform Act was meant to decrease the number of construction defect-related lawsuits. But what exactly are construction defects, and what is so controversial about this law?
Colorado Politics breaks it all down.