Apartment redevelopment law may be further revised

The Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) is considering a further expansion of allowances to encourage the redevelopment of old condominium buildings. Under current legislation, if at least 80% of owners agree, a building that does not meet current earthquake codes can be sold off to a developer. The MLIT may extend the 80% vote to include buildings that have deteriorated exteriors and old plumbing. 

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