Groups push legislature to pass bill to jump-start condo market

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

DENVER -- City leaders from across the metro area will be at the State Capitol on Monday morning to urge action on a bill that is designed to kick-start Denver’s condominium market.

The bill has already passed the State Senate. It aims to bring more transparency and protection to homeowners and multifamily units when it comes to dealing with construction-related issues.

The construction industry believes it goes too far, leading to cutbacks in the building of condominiums in some communities.

Condominiums were once 20 percent of the construction market but today it’s only about 3 percent.

Opponents of the bill say the state law is not to blame for the slowdown. They say it’s just a natural swing in the marketplace as people shift away from homeownership to apartment rentals.

And that is part of the reason rents have become so expensive over the past year in the Denver metro area.