Mascot Tower owners demand ‘bailout’ as bankruptcy looms
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Owners of apartments in the Mascot Tower, which was evacuated in mid-June after experiencing severe cracking, claim they are facing bankruptcy because they cannot afford to pay a special levy to fund remediation works, and are demanding a ‘bail-out’ from NSW taxpayers:
The Berejiklian government has accused evacuated Mascot Towers residents of devising a “deliberate strategy” to force the state into paying for critical remediation work on the cracked building…
Owners need to start paying special levies of between $5000 and $14,000 a month for the next nine months to ensure the apartment block can be stabilised before summer.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.