The new investor rule is going to pass at the 222 Columbus Dr – the Park Millennium next Tuesday at 6pm. The detail is that the building has obtained more than 75% of the votes to go with no new investors could rent out their unit. The meeting will be help at 6pm on July 12th, next Tuesday, at that time, they would need the rule to be passed officially.
Currently the renter ratio is over the 50% in the building, that makes buyers very difficult to get the mortgage, need bigger down payment, more income and there are not so many choices other than the approved private lenders in the building.
I think this is a good decision for the building as it will help the building to get a lower renter ration eventually and then more people could be able to get a loan to purchase in this building, then the building price should be able to go up.
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