Won’t this reserves law increase the cost of living in a condominium?
The reserve law may increase monthly assessments as the association collects long term costs from owners in addition to regular short term maintenance. However, monthly assessments based on properly conducted reserve studies should eliminate the need for special assessments because the association properly prepared to cover those costs. Thus it is merely a timing difference between payments. Furthermore, many condominium owners would prefer to pay slightly more each month than being assessed an unexpected special assessment in the thousands of dollars, or in rare instances such as the Harbor Towers Condominium in Boston, hundreds of thousands. Regularly collecting the total cost of operating a project should not change its overall cost of operation.