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Owners of apartments in the Mascot Tower, which was evacuated in mid-June after experiencing severe cracking, have been left destitute and facing potential bankruptcy because they cannot afford to pay a special levy to fund remediation works:
Apartment owners in Sydney’s cracked Mascot Towers have asked for the NSW government to help fund remediation works because a third of them can’t afford to pay a special levy.
…in late August owners passed a motion to raise a special levy worth $7 million plus GST for stage one rectification works.
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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.