HOA just changed rules - hurting investors
I have a handful of condominiums that I purchased in 2014 that are run by an HOA. The HOA rules and covenants were put in place in the 1960's.
the board just passed a new rule where they have decided that owners occupants can have pets but owners who decide to rent units are no longer allowed to rent to tenants with ANY type of pet.
This appears to be discriminatory and alters the investment value of my property. I would like to know if anyone else has ever encountered a similar issue?
Most Popular Reply
The legality of this is still in question. Excluding voting, owners can usually pass their rights on to their tenants. For example, an owner has the right to use the community tennis court. Therefore, their renter has that same right. Whether it extends to pets kept inside a unit and not just common area usage is legally undecided.
If the rule was just passed you can void it if not properly introduced (advance notice, public meeting, etc). Generally rules don't take effect until 30 days after implementation, so you have time to get the requested signatures to contest it. You can run for the Board and try to change it. You can say FU to the rule and let the Board know you will be taking them to court if they try to enforce it. Easiest thing: You can request that all current owners be grandfathered in. Most Boards will do this as it removes their liability with existing owners, but allows the rule to be enforced when moving forward.