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Strata and property lawyer, and good friend of Flat Chat Tony Cordato believes the NSW government has missed a trick in its handling of the Mascot Tow
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Having consideration of the situation I’m in, this makes good sense. The government moves in, fixes the building and then charges a rate of say 4%. After it is finished then owners can stay or leave. The main problem is with the banks. I think they would come to the party and cut mortgages because they can do badly out of owners being forced to sell. At the moment we have probably lost 40% of the value. If there are forced sales then it is going to be a lot less. When people have 80% loans and only a few years, say 5, then their equity is only 25%. So the bank are down 15% of the purchase price plus they will be paying any associated costs.