Working since January on their fourth attempt at passing construction defect reform legislation, Colorado state lawmakers are still having difficulty passing any meaningful reform. First reported in January by The Denver Post, builders are hesitant to start new projects in the state - leading to a lack of condo units available for purchase, and no new condo project applications.
"Reform proponents blame Colorado's construction-defects law for the condo shortage, saying the law makes it too easy for homeowners to sue over cracked foundations, leaky windows and other structural problems.
In turn, they argue, insurance companies have jacked up rates for condo builders, and builders have stayed away. Those seeking affordable housing, like young families in search of a starter home, have suffered most, they say."
In response to this lack of statewide reform, many cities in Colorado have attempted to create more construction-friendly scenarios on a local level.