Proposed law to reduce minimum voting rights for reconstruction
The number of aging apartment buildings in Japan that need to be rebuilt in the near future is growing at a rapid pace, yet actual reconstruction projects are seriously lagging.
These projects are frequently stalled as the body-corporate meetings can take up to 10 years before any agreement is reached. This is due in part to the laws which require over 80% of apartment owners to agree to reconstruction. Older buildings tend to have older residents who are happy to stay where they are and don't want to relocate to temporary accommodation for 3 years while awaiting their new home. Other setbacks include a lack of funds for the project and owners with low incomes who cannot afford to take on any additional financial burdens.Read more