My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board.
We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that they don't provide such info and that they would pass along my message and from there it's the Board's decision whether or not to respond. I'm not sure if the message was indeed passed on, but no one from the Board followed up with me.
This has left us with a few questions. First, is the scale of these increases within the realm of normal given the state of the economy, or does it suggest something untoward is going on? And second, do you have any advice for dealing with a management company that doesn't provide required information and refuses to put you in touch with someone who might do so? We don't have much appetite to for a protracted fight, but we also don't want to keep paying increases that amount to thousands of dollars per year when no one will explain to us why they keep increasing. Any guidance would be very much appreciated!
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source https://www.reddit.com/r/RealEstate/comments/135kxn8/fast_rising_hoa_fees_on_nyc_condo_no_budget/
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