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ISSUE # 118
CIC Info Bytes 06/19/25
🔊 Listen to the Podcast of Issue# 118
CIC Info Bytes are frequent, succinct updates providing educational and engagement opportunities that help your community thrive! Please forward and share this newsletter with your peers, neighbors and colleagues so they can connect and join.
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You Might Have Noticed…
You Might Have Noticed…
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Dawn Bauman is filling the vacancy created by Tom Skiba’s departure (🔗), but Dawn isn’t new to CAI, nor was this course of action a surprise.
Although officially at the helm of FCAR, a 501(c)(3) that pays CAI over 50% ($1,000,000+) of its annual revenue to act as its “management company,” Dawn has perhaps less overtly led CAI’s legislative advocacy efforts across the nation. Learn more by reading CAI By the Numbers.
P.S. Like data? Want to help with some updates? 📧 Please let us know.
Test your skill with our WUCIOA Knowledge Game. No login required, but you can sign up to receive email updates with your progress.
Many associations have used the free Reserve Study Calculator since we published it back in 2021. Since downloads and macros aren’t for everyone, we're pleased to introduce Reserve Study Assistant.
Simply register, validate and then submit your reserve study data. The tool will parse your data and send a set of reports to your email address. You can submit data once every 10 days and send feedback via a short survey.
Trials and Tribulations of a Volunteer Director
Trials and Tribulations of a Volunteer Director
View prior entries: I, II, III, IV, V, VI, VII, VIII, IX, X, XI, XII, XIII, XIV, XV, XVI, XVII, XVIII, XIX, XX & XXI, XXII, XXIII, XXIV, XXV, XXVI, XXVII, XXVIII and XXIX.
PART XXX: Mediocre vs. High Achievers and Change
We first wrote about contempt for service in Issue# 57 and followed-up by covering the Dunning-Kruger effect in Issue# 62 and many other issues that weave the story about conflicts between homeowners and directors alike (who are almost exclusively homeowners).
Conflict amongst directors is so important that we even created a dedicated Conflict page two years ago. Despite gathering a slew of resources, we were remiss to cite superstar football coach Nick Saban’s 2013 interview with 60 Minutes and the message he has reiterated over time:
“…We create a standard for how we want to do things. And everybody has to buy into that standard or you can’t really have any team chemistry. Mediocre people don’t like high achievers and high achievers don’t like mediocre people…”
“…You know my goal with Spring practice is? Get the right guys on the bus, get them in the right seats, and get the wrong guys off the bus…”
This all makes perfect sense considering the perils of omnipotence and the fact that your association does not have a CEO, nor are there any kings or queens. Homeowners are supposed to be in charge. That’s a massive responsibility for individuals, most of whom simply want a place to live, work, raise a family, etc.
Each of us has to make a decision: will we change the things we cannot accept?
in our personal lives?
in our associations?
in our cities?
in our states?
in our nation?
in our world?
The gravity of governing and operating a condominium association, cooperative or homeowners’ association is real. Each of us has the power to be a force for change.
Be the change you want to see and if you don’t want to change, please get out of the way. #bethechange
Las Vegas, Nevada: The Sun City Summerlin HOA is working to restore 70% reserve funding in part by assessing $5,000 every time a new owner buys a home in the community.
🎥 VIDEO: Las Vegas HOA faces $30,000,000 shortfall — James Schaeffer | KLAS | May 30, 2025
Iowa City, Iowa: The Timber Trails HOA has been assessed a $500 fine by the DNR and must submit a plan to limit chloride discharges. It’s ultimately a water softener problem.
Residents of a wooded neighborhood with about 30 homes north of Iowa City must — in the next year — curb their chloride contamination of a nearby creek, according to the Iowa Department of Natural Resources.
In recent years the DNR has noted more than 100 wastewater violations for the Timber Trails Estates Homeowners Association, department records show.
Excessive ammonia and bacteria were common issues before the association updated its wastewater treatment system several years ago. But chloride has been a continuing problem, the records show.
The association uses a series of lagoons to reduce the contaminants before wastewater is discharged into Sanders Creek, which eventually flows to the Iowa River…
Iowa City homeowners association fined for wastewater violations — Jared Strong | The Gazette | May 28, 2025
“The rocks are too old….”
These are the rocks — u/ICLazeru | Reddit r/f*ckHOA | June 10, 2025
Does your HOA have a concern with water foul?
Crushed by Mother’s HOA — u/Klutzy_Leopard_8035 | Reddit r/f*ckHOA | June 28, 2025
Houston, Texas: Following on from Issue# 115, members at the London Townhomes association replaced their board fo directors. Let’s see if things improve...
"There were times when some of us were so beaten down and, like, just wanted to give up," longtime homeowner Mary Engle said.
But, it's a new day, thanks … to a special election just last week during which the entire homeowners' association board got replaced…
.…Homeowners previously complained about delayed or overlooked maintenance, an unresponsive board, and even tensions that erupted into violence.
There's also been a protracted battle in Harris County Civil Court.
…"We're going to be reviewing all the financials going forward because that was one of the big inconsistencies," Delossantos said. "We had no insight into where our money was being spent or how it was being spent."
She said the new board plans to have regular meetings with shared minutes in addition to a newsletter and building "captains" to better respond to individual concerns….
KHOU: After years of problems, Houston community replaces entire HOA board — Jason Miles | KHOU 11 | June 10, 2025
An attorney reflects on two different Florida condominium bankruptcies.
…Just as with litigation and foreclosures, associations should consider bankruptcy only as a last resort. They will need to pay both attorneys’ fees and court costs, plus fees for a trustee if one is appointed, and they typically will not be allowed to completely wipe away debts and judgments. Their actions and reorganization plans will be highly scrutinized by their creditors and bankruptcy judge, who may even dismiss the case if it is deemed that the community has not presented a viable restructuring strategy…
Miami Herald: How condo owners are affected when an association files for bankruptcy — Michael L. Hyman | Miami Herald Opinion | June 07, 2025
Manila, Philippines: The Philippine Supreme Court ruled that corporations can appoint one – and only one – person to act as their representative to fill a Board seat.
…“It is obvious that only natural persons may be elected to the Board, since the duties and obligations of board members can only be performed by natural persons.
“Thus, if the corporation is a member of MPMCC, and it wants to be elected to the Board, then it necessarily has to appoint a natural person to act on its behalf as its representative.
“However, it must be emphasized that the member-corporation may appoint only one natural person to act as its representative for purposes of election to the Board. Otherwise, the member-corporation will be occupying more than one seat in the Board, and possibly, more than one position as an officer of the Board.
“Such situation may result in a biased and unfair power dynamics in the Board, which can be detrimental to the interests of the corporation.”
The issue stemmed from the Oct. 16, 2018 MPMCC’s 20th annual general membership meeting and election of the members of its board of directors.
Pastorfide presided over the meeting as chairman and announced the officials list of seven candidates including himself, Monteblanco, Matibay, and Angeles.
The by-laws require membership in the MPMCC to be a director and that only registered owners of condominium units may be considered members of the corporation.
Questions arose as to the qualifications of Pastorfide, Monteblanco, Matibay and Angeles who are not unit owners in the MPMCC but merely representatives of corporations which are the unit owners.
Since there were no other candidates to the board of directors, the election committee declared there was no need to hold an election and declared the seven candidates as members of the board of directors…
Manila Bulletin: Corporate owners of condominium units can appoint representatives to boards — Rey G. Panaligan | Manila Bulletin | May 31, 2025
Greeley, Colorado has hosted prior workshops and continues to do so.
…City staff will lead the workshop and share information about Greeley codes and rules that affect homeowners associations. This workshop is part of a series of previously announced workshops by the city, with the last workshop focusing on various homeowner and board duties, explaining what these responsibilities entail and how residents can comply with them.
Communications and Engagement Director Winna MacLaren will begin the workshop by discussing important topics such as the city budget, major projects, housing, public safety, downtown and plans for west Greeley.
Staff from Public Works, Planning, Building Inspection, Code Compliance, Water Conservation, Forestry and the Neighborhood Resource Office will also speak, covering topics such as fire pit and grill safety, landscaping rules, tree care and more…
Greeley Tribune: City of Greeley invites residents to free homeowners association workshop — tyler Duncan | Greeley Tribune | June 07, 2025
Pelham, Alabama is perhaps the first city to become a CAI member. How does that work? Will CAI attempt to claim their membership has increased by the population of Pelham?
In a move aimed at strengthening community ties and enhancing neighborhood support, the city of Pelham has launched a new Homeowners Association Collaboration Network.
The first meeting, held in May, drew more than 30 attendees representing 13 communities across the city. Led by City Manager Gretchen DiFante, the initiative seeks to establish a consistent channel of communication between neighborhood leaders and city officials—regardless of whether a neighborhood has a formal HOA, an informal group or no organized association at all. “This has been a goal for some time,” DiFante said.
“We want to understand how we, as a city, can help all of our neighborhoods be the best they can be.” DiFante further explained that the idea to launch the network came from the city of Pelham consistently trying to better itself.
…Through Pelham’s new membership in CAI, HOA leaders now have access to free leadership training and a variety of professional resources…
Pelham launches HOA Collaboration Network — Dave Domescik | Shelby County Reporter | June 2025
Prior Coverage: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60 & 61
Energy
Energy
More nuclear power is coming to the US slowly, but surely.
“There are 10 large nuclear reactors in the executive order and we believe that we can do them all with AP1000 reactors . . . Our customers, the hyperscalers, the tech firms, the suppliers are all coming together to try to figure out exactly how to deploy.” Based on estimates from the Department of Energy, building 10 large nuclear reactors in the US could cost $75B without accounting for delays or cost overruns, according to TD Cowen, an investment bank…
…Westinghouse faces limited competition in the US market as global industry leaders, including Russia’s Rosatom and China General Nuclear Power Group are unlikely to win contracts due to geopolitical factors. GE Vernova, which has a joint venture with Hitachi, has not built a large reactor in decades in the US and has shifted its focus to small modular reactors (SMRs), a new type of reactor design that generates about a third or less of the power capacity of standard units…
…“The US doesn’t have the most favourable market for building large new nuclear right now because of the type of the electricity market that doesn’t guarantee cost recovery in most cases,” Adam Stein said.
“The executive order is not a direct mandate. It’s still a decision for the local utility to invest in new reactors and a state’s Public Utility Commission to consider that cost to the ratepayers. That makes it challenging to build large reactors right now.”
Delays in the construction of two AP1000 reactors at Georgia’s Vogtle nuclear power plant in recent years caused costs to more than double beyond their initial $14B estimate, dimming US utilities’ enthusiasm for large reactors.
Westinghouse targets $75B US nuclear expansion after Trump order — Jamie Smyth | Financial Times | June 08, 2025
Plant Vogtle Unit 4 begins commercial operation — U.S. Energy Information Administration (EIA) | May 1, 2024
Skilled labor is required to make many aspects of modern life a reality. Electrification and renewable energy solutions are no exception.
Swedish battery startup Northvolt AB’s bankruptcy filing was preceded by a number of debilitating events: failing to fulfill its contracts with customers; pleas to investors for more cash; ghosting its creditors. But its downfall began with a problem many companies are facing today. There was a severe, years-long struggle to find enough workers with the right skills…
A shortage of skilled workers, especially engineers, is a growing problem in developed countries. How do you get more labor? “You either birth them or you import them,” says Zeke Hernandez, professor at the Wharton School of the University of Pennsylvania. “But in an environment of declining birth rates, increasing retirements and now a restrictive immigration regime, shortages become quite severe.”
The US is already unable to fill about a third of its more than 400,000 new engineer roles created each year. The UK will see 20% of its engineers retire by 2030 — leaving a shortfall of 1 million jobs. Japan will see a deficit of 700,000 in that period…
The Missing Engineers — Akshat Rathi, Olivia Rudgard and Josh Saul | Bloomberg | June 04, 2025
🔊 A skilled worker shortage is becoming an ‘existential’ problem for the energy transition — Akshat Rathi | Bloomberg | June 04, 2025
The Cost of Net Zero
The Cost of Net Zero
India: Reducing air conditioning load is a big deal.
India is working with appliance makers to standardize the cooling range of air conditioners to ensure that the minimum temperature is not set below 20C (68F), in an effort to cut the energy use of these power guzzlers.
The plan, although at an initial stage, reflects the government’s focus to boost energy efficiency as electricity consumption soars. In recent years, demand has outpaced generation capacity, leaving parts of the country without power during sweltering summer months of April through June. Currently, thermostats on some of these devices can be adjusted to as low as 16C.
“Temperatures would be set in the range of 20C-28C,” Power Minister Manohar Lal told reporters at a press conference in New Delhi on Tuesday. “This would be done for ACs at homes, hotels and even in cars.”
Air conditioners account for about 50 gigawatts, or one-fifth, of the maximum load, said Pankaj Agarwal, the ministry’s top bureaucrat. Studies have shown that every 1C increase in AC temperature leads to a reduction of 6% in power consumption, which would mean savings of 3 gigawatts of peak demand, he said at the same event. India has about 100 million of these appliances and is installing almost 15 million every year, Agarwal said…
India Plans Air Conditioner Temperature Rules to Save Power — Rajesh Kumar Singh | Bloomberg | June 10, 2025
Environment
Environment
Europe: Could science be on the cusp of recycling old clothes at a material scale?
…According to the European Commission, consumers in Europe discard around 5.8 million tons of textiles every year. Globally, that figure comes to 92 million tons. Clothing consumption almost doubled between 1975 and 2020, according to Textile Exchange, a nonprofit that organizes textile and apparel manufacturers and brands around sustainability. It’s projected to leap another 25% by 2030…
…The starting point of what many people wear is cotton, and growing it requires tremendous amounts of water, depleting resources in a world where fresh water and arable land are becoming more scarce. Polyester is made from fossil fuels, the burning of which is the prime culprit in climate change—a fact that also applies to the untold number of factories, planes and trucks that make up the global clothing supply chain.
Recycling and reuse sound like an appealing solution, but as Bloomberg revealed in a 2022 investigation, much of what’s collected ends up overwhelming the usually underdeveloped destinations where it’s sent for repurposing, resale or donation. Or the items are “downcycled” into things like stuffing for car seats and mattresses…
Cracking the Code of Making Old Clothes New Again (free 🔗) — Pauli Tullis | Bloomberg | June 03, 2025
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Multinational conglomerate methane promises turn out to be full of hot air.
In December 2023, some of the world’s largest food companies made a splashy pledge to slash one of the planet’s fiercest heat-trapping gases. As part of the newly formed Dairy Methane Action Alliance, Bel Group, Danone, General Mills, Kraft Heinz, Lactalis USA and Nestlé—with Clover Sonoma and Starbucks joining soon after—pledged to reduce the powerful gas emanating from their sprawling dairy supply chains. The companies promised to publish emissions data and action plans by the end of 2024.
So far the results have been lackluster. As of May 2025, seven of the companies have at least partially disclosed their dairy methane emissions. But only three have rolled out action plans that meet the alliance’s guidelines, and just one has set a specific target to shrink its dairy methane footprint. Meanwhile, the deadline for publishing their emissions figures and plans has been pushed to the end of this year.
…even for the companies that have released plans and targets, the details they’ve provided are so minimal that it’s hard to judge their progress. Danone SA, which has vowed to cut 30% of the methane from its milk supply by 2030, says it’s already reduced these emissions by 25% over the last four years. But it won’t itemize how the reductions were made or whether its milk volumes have also declined. Nestlé SA says it has cut all of its methane by 21% since 2018, but it flouts the alliance’s guidelines by declining to provide a figure just for dairy…
Global Food Companies Are Struggling to Deliver Methane Progress — Ben Elgin, Olivia Raimonde, and Ilena Peng | Bloomberg | June 16, 2025
Resources required to power artificial intelligence are upending climate goals.
Five years ago, Microsoft Corp. set a goal of becoming carbon negative by 2030 and removing all its historic emissions from the atmosphere by 2050. But the company’s artificial intelligence investments have made meeting those targets harder—by a lot. Today, Microsoft’s total planet-warming impact is 23% higher than it was in 2020 in part because of its vast expansion of emissions-intensive data centers, according to its 2025 sustainability report...
Microsoft Inks Record Carbon Removal Deals as Emissions Rise — Michelle Ma | Bloomberg | June 18, 2025
Housing Affordability & Homelessness
Housing Affordability & Homelessness
New York City, New York: The FARE Act is a massive shift in broker fees for rentals.
On June 11, 2025, New York City’s rental market will undergo a significant transformation with implementing the Fairness in Apartment Rental Expenses (FARE) Act. Passed by the City Council on November 13, 2024, with a veto-proof majority of 42 out of 51 votes, the FARE Act aims to make renting more affordable and transparent by shifting the responsibility of broker fees from tenants to landlords…
…The FARE Act addresses a long-standing issue in NYC’s rental market: high upfront costs for tenants, particularly broker fees. Historically, renters are often required to pay broker fees, typically 10% to 15% of the annual rent, even when the landlord hired the broker. A $4,000/month apartment could mean $4,800 to $7,200 upfront, in addition to the first month’s rent, security deposit, and other fees. According to StreetEasy, the average upfront cost to move into a rental in 2024 was $12,951, with broker fees making up a significant share.
The FARE Act changes this by requiring the party who hires the broker, usually the landlord, to pay the broker’s fee. This applies when brokers represent landlords or advertise listings on their behalf. The law also mandates full fee disclosure in all listings and lease agreements, ensuring greater transparency. Additionally, it establishes a rebuttable presumption that any broker advertising a unit is working for the landlord, further protecting tenants from unjustified charges…
The FARE Act: What’s Changing on June 11, 2025 — ELIKA Real Estate | May 29, 2025
Florida: Many corporations pay their executives well. View more coverage of Slide Insurance in Issue# 74, Issue# 78 and Issue# 82.
Slide Insurance, a Florida-based company, paid its CEO and COO more than $50 million total in 2023 and 2024.
Much of Slide's business comes from Citizens Property Insurance Corp. policyholders who were essentially forced to switch.
Critics find the executive compensation "grotesque," given Florida's insurance woes and high premiums.
Slide's profits grew substantially from 2023 to 2024, while its reliance on reinsurance raises concerns, among industry observers about its long-term stability.
'Grotesque': Husband-wife insurance execs earn more than $50 million in 2 years — Anne Geggis | The Palm Beach Post | June 05, 2025
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Lincoln, Rhode Island: The Reservoir Avenue Condominium Association is getting close and personal with nature.
The Lincoln Police Department said that a tree fell onto a condominium complex.
Police said that upon arrival officers saw that the tree had caused significant damage to a portion of the structure...
No injuries after tree falls on condominium building in Lincoln — Gino DeAngelis | ABC 6 | June 01, 2025
Sanibel Island, Florida: A new bridge is coming into view.
…Homeowners were responsible for securing the engineers, surveyors and construction team to design and rebuild the bridge that was more than 60 years old. Additionally, the 24 property owners were responsible for funding the project without financial assistance from the city of Sanibel or Lee County.
Bridge Committee Chairperson Chris Denick, former HOA President Wendy Kindig and Board Member-at-Large Julie Hayles worked tirelessly to find qualified contractors to complete the nearly $1 million project and expedite the permitting process. J.R. Evans Engineering and Acros Bridge were contracted to oversee design, and Thomas Marine Construction was hired as the bridge contractor.
“It was very challenging to find a qualified bridge contractor to take on this relatively small project. We were thrilled to find a local contractor that was very familiar with Sanibel and the unique nature of this location,” Denick said. “The permitting process alone took over 10 months to complete.”...
HOA: Construction begins on Caloosa Shores bridge — Captiva Sanibel | June 03, 2025
Housing Market
Housing Market
Privatizing Fannie and Freddie is on the table…
Trump administration wants to sell shares in Fannie Mae & Freddie Mac, but needs to define the mortgage market’s structure first.
The firms’ implicit guarantee may continue post-offering, but explicit backing needs legislation; reducing government support could raise mortgage rates.
Fannie’s and Freddie’s customer bases and profit goals need to be defined, which would have an impact on mortgage rates and access for first-time buyers.
Fannie and Freddie Changes Would Reshape the Mortgage Market. It Hinges on These Questions.
— Ben Eisen and Veronica Dagher | The Wall Street Journal | May 31, 2025
The Fannie and Freddie Stakes Are High (free 🔗) — Matt Levine | Bloomberg | June 03, 2025
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The National Association of Realtors (NAR) is under fire…again!
After a lull in litigation activity this spring, the National Association of Realtors is facing a new lawsuit tied to membership requirements.
The complaint is the latest in a string of cases challenging the membership fee structure. Unlike earlier suits, this one doesn't specifically target NAR's three-way agreement — the requirement that Realtors must be dues-paying members of their local, state and national associations — but alleges that the fees place an unfair financial burden on agents and brokers…
NAR membership structure, fees under fire in new lawsuit — Dave Gallagher | Real Estate News | June 11, 2025
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Maui County, Hawaii: May 2025 YoY condominium sales decreased about 17% with over 10% price declines and 38% days on market. That’s actually an improvement from April…
Maui’s single-family home prices increase; condo sales decline in April and May 2025 — Maui Now | June 12, 2025
West Palm Beach, Florida: Multi-million dollar listing for an entire property.
Owners at the waterfront La Fontana condominium in West Palm Beach are putting their entire 140-unit building up for sale after failing to seal deals with two billionaire developers.
They’ve recruited former “Million Dollar Listing New York” star Ryan Serhant and his firm to represent the 64-year-old building on North Flagler Drive with the idea it would be demolished and replaced by new construction.
The address, 2800 N. Flagler, is an attractive location just north of bustling downtown West Palm Beach and sitting directly on the Intracoastal Waterway with nearly 3 acres of land. It's two miles south of the Lake Worth Inlet, also known as the Palm Beach Inlet, and next to Currie Park, which is currently undergoing a $35 million renovation.
La Fontana’s association board had previously considered asking for $225 million for the building but there’s no sale price set on the current listing, which is being handled off market…
…Moreno said the building is current on inspections and in compliance with state safety legislation that followed the 2021 collapse of Champlain Towers South in Surfside. But a pending state fire safety mandate to install a pricey new “engineered life safety system” helped convince some La Fontana owners to sell…
“Million Dollar Listing" star Ryan Serhant recruited to sell entire West Palm waterfront condo — Kimberly Miller | Palm Beach Post | June 09, 2025
The US housing supply and demand equation is clear.
Housing charts — Nick Gerli | X (formerly Twitter) | June 05, 2025
Another way of looking at the US housing inventory equation.
More than $330 billion worth of listings have been sitting on the market for 60 days or longer. Rising inventory and slow homebuying demand is pushing up the total dollar amount of home listings, and will push down home-sale prices by the end of the year.
There’s a total of $698 billion worth of homes for sale in the U.S., up 20.3% from a year ago and the highest dollar amount ever…
Redfin: U.S. Home Sellers Are Sitting on Nearly $700 Billion Worth of Listings, an All-Time High — Dana Anderson | Redfin | June 02, 2025
Miami-Dade County, Florida: The average taxable value of condominiums is decreasing even as new, multi-million dollar luxury high-rises take shape.
As real estate demand softens, Miami-Dade condominiums are showing the weakest numbers, according to new data from the county Property Appraiser’s Office.
Real estate values on existing homes and commercial property grew about 7% countywide at the start of 2025, according to the June 1 report on taxable values across Miami-Dade. But when isolated only to existing condominiums, values dropped slightly from the start of 2024 — a decline of less than 1%, according to Property Appraiser Tomás Regalado.
“The condos are the next great crisis, because of a perfect storm,” Regalado said at a Monday press conference where he discussed the annual report from his office. The first-term Republican said that recent state mandates on condo maintenance, more stringent certification rules and higher insurance costs are weighing on the condominium market and driving down demand from buyers…
Miami-Dade’s sagging condo market could be ‘next great crisis’ as values drop — Douglas Hanks | Miami Herald | June 03, 2025
Built Environment
Built Environment
Washington, D.C.: Would you live in a former mortuary? See Issue# 77 for another funeral home revival.
The condominium Washington's Farewell Address is in the Florida Avenue building that for nearly 80 years housed Hall Brothers Funeral Home.
LeDroit Park condominium building was once a well-known funeral home — Amy Worden | The Washington Post | June 06, 2025
Condo Connection's financial coverage is indexed to our Dollar$ and $ense page dedicated to all things CIC finance.
Short term yields could drop while long-term yields remain elevated.
“Overall, a steeper yield curve is the most likely outcome going forward,” said Kathy Jones, chief fixed income strategist at Charles Schwab. “If we get soft enough data and the Fed cuts, then it’s going to pull short-term yields down. But I think the long end will still be plagued with the issues around the deficit and the long term outlook for a weak dollar and regarding capital inflows.”..
…Higher yields mean funding pressure at a time when the US is borrowing more and government spending remains rampant. The House-passed version of President Donald Trump’s tax-and-spending bill is forecast by some to add trillions to US budget deficits in the years ahead. Moody’s Ratings lowered its credit score on the US last month.
“We are in a disturbing fiscal trend,” said Fred Hoffman, a former fund manager who turned to academia about seven years ago and is now a professor of finance at Rutgers Business School…
‘Most Unloved Bonds’ Turn Routine US Auction Into Crucial Test — Liz Capo McCormick and Michael Mackenzie | Bloomberg | June 08, 2025
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Key takeaways from ECB rate decision and President Christine Lagarde’s briefing:
The ECB cut rates for an eight time, bringing the deposit rate to 2% and the total easing since June last year to 200 basis points
Lagarde said the ECB is “in a good position” after today to face the uncertainties ahead, in particular from US trade policies
She also highlighted that this doesn’t necessarily mean it’s done with rate cuts
The ECB lowered its inflation projection for 2026 to 1.6%, but the 2027 forecast remained unchanged at 2% -- so only a temporary blip
Officials still see risks to growth as tilted to the downside, even if the statement sounded a bit less concerned than in April
Euro Gains as Lagarde Says ECB Near End of Policy Cycle — Bloomberg | June 05, 2025
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What happened at the latest FOMC meeting on June 18?
Fed holds rates again, still sees two cuts by year-end
Latest dot-plot sees fewer cuts in 2026 and 2027
Central bank cuts growth forecast, boosts inflation outlook
Powell says tariff increases will likely push up prices
Fed Meeting Today: Rate Cuts, Powell Speech, Live News & Analysis — Bloomberg | June 05, 2025
Traders are ramping up bets that hedge against dramatic shifts in the Federal Reserve’s interest-rate path as questions on the economic impact of Trump’s administration evolving policies persist.
Overall, the swaps market continues to price in two rate reductions this year beginning in October. However, the uncertainty surrounding the outlook for the US economy has pushed traders in the options market to buy protection for a wider range of outcomes, from the possibility of no rate cuts at all, to a series of half-point reductions before the end of 2025. Goldman Sachs and Citigroup have also taken opposing views on when the Fed will start easing.
Strong economic data like US job openings rising and hiring picking up in April, so far, is supporting the notion that the central bank will hold on rates. But President Donald Trump’s trade policies could disrupt the labor market and stoke inflation, pushing the Fed into action…
Traders Load Up on Hedges Against Dramatic Fed Rate Cut Shifts — Edward Bolingbroke | Bloomberg | June 03, 2025
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Most other major central banks have slashed rates over the last two years. The US is an outlier.
Federal Reserve Chair Jay Powell has barely a year left to fortify his legacy. For all the plaudits he gets for steering an aggressive hiking cycle without crashing the economy, it will be forever tarnished by misdiagnosing post-pandemic inflation as transitory. That misjudgment proved costly to monetary policy credibility. For now, that’s water under the bridge. The Fed’s management of the fallout has been as successful as anyone could have hoped.
Powell’s current headache is gauging the impact of President Donald Trump’s tariffs on prices. There’s little sign of the new duties in inflation data so far, and the “transitory” theory sounds more plausible this time. But after his previous mistake, it makes sense to err on the side of caution. US tariffs are slated to affect all imports, while the impact on other countries should be more limited as they affect only their trade with America. As a result, US rates look like ever more of an outlier among developed nations…
The US Is Exceptional — When It Comes to Rates — John Authers | Bloomberg Opinion | June 15, 2025
Are you fascinated by case law? Maybe you should be?
Are you fascinated by case law? Maybe you should be?
West Palm Beach, Florida: You can’t always get what you want, but if you try sometimes, you get what you need. Far too many associations leverage an attorney to silence reasonable inquiry and prevent reasonable, legally required records disclosure.
…The contentious relationship between Conway and board members dates back to a recall of Conway from the board in 2023. Conway, though, filed a challenge with the Florida Division of Condominiums, which ruled in his favor, concluding that the board failed to follow state law in overseeing the recall. In January of this year, Conway ran again for the board; he was not elected but filed an election challenge that is pending. He alleges election interference by incumbent board members, the association’s management company, and its lawyer. Information sheets were sent to all unit owners with disparaging remarks about him.
The board claims it has spent more than $50,000 in legal fees to respond to Conway’s filings with the state Division of Condominiums. This year, off-duty West Palm Beach police officers were paid to attend a board meeting to keep the peace. Conway claims the expenditure was never approved by the full board.
Conway also alleges he has been denied access to condo records. He claims he is only allowed two hours per month to review documents, a restriction that he says violates state law.
“If they think they are going to keep me quiet by threatening lawsuits, they are wrong,” said Conway. “It is a shame that they waste funds to attack me and others who just want to see a better Flagler Pointe.”...
Flagler Pointe residents: Complain to your condo association at your own peril — Mike Diamond | The Palm Beach Post | June 09, 2025
Key Biscayne, Florida: EmeraldBay remains in the news. View prior coverage: Issue #’s 77, 88 and 103.
Owners weary of litigation at Key Biscayne’s biggest luxury condo complex should brace themselves for even more expense: the complex’s master association filed an appeal last month in its long-running case against the EmeraldBay condo.
EmeraldBay, which won the case in March, is seeking $222,000 in attorneys’ fees and costs from the Key Colony Homeowners’ Association, according to court papers. Attorney Craig Minko’s five-member legal team based its claim on a section of the court ruling declaring that EmeraldBay could seek an award for the firm’s fees…
…The underlying dispute is about maintenance fees and the relationship between the five entities at Key Colony: the four building associations and the master association comprising 1,179 units. While the individual buildings maintain each of their properties, the [master association] maintains the entry gate, roads, tennis courts, convenience center, and the private Atlantic Ocean beach.
For three decades, the four buildings would collect both their maintenance fees and the [master association] fees. The buildings would pay the full amount of the [master association] fees for each unit, even if an individual unit owner were delinquent — essentially “fronting” the money to the [master association] …
Condo-vs-condo case in Key Biscayne heads to appeals court over $220K fee demand
— Tony Wilson | Key Biscayne Independent | June 16, 2025
The Eagle Springs Ranch HOA took two owners to court and prevailed.
Eagle Springs Property Owners Association (Eagle Springs) is the homeowners’ association (HOA) for Eagle Springs Ranch. Amber and Jeremy Meyer (Meyers) purchased property in Eagle Springs Ranch in 2017. Thereafter, residents began complaining that the Meyers property was noncompliant with Eagle Springs’ Covenants, Conditions, and Restrictions (CCRs) as it was covered with garbage, junk, litter, defunct cars, and a recreational vehicle (RV). Eagle Springs filed a complaint against the Meyers related to the Meyers’ alleged breach of Eagle Springs’ CCRs. Following a bench trial, judgment was entered in favor of Eagle Springs.
The Meyers appeal. Finding no error, we affirm…
— 40049-2: Eagle Springs Property Owners Ass'n v. Jeremy C. Meyer | June 10, 2025 | WA Court of Appeal Division III
Florida: At least one snowbird got their feathers wrinkled after the Board passed a rule that would have been more convenient had they still been residing in their winter home.
…Most governing documents provide boards of directors with broad authority to promulgate rules regarding the use of a home, and rules governing shutters are extremely common. The primary issue is that this is a rule regarding parcel use, and so the board was obligated to pass it at a meeting noticed by mail and posting on the property at least 14 days in advance. If they didn’t do this, you have an argument that the rule is invalid; but that’s just kicking the can down the road, as the board will simply pass the rule again at a newly noticed meeting…
On eve of hurricane season, HOA bans leaving shutters on all summer. Can they do that? — Ryan Poliakoff | The Palm Beach Post | May 31, 2025
Florida: Many condos, co-ops and HOAs enjoy incremental revenue especially when it generally flows directly to the bottom line. Rental related fees are one such form of revenue.
Q: Recently our HOA board instituted a $250 fee to those owners who rent, $500 if they rent to more than one tenant during the year. Can they institute a charge to only a select segment of the community?
A: …generally speaking, associations can only institute fees that are authorized by their governing documents. Here, this seems to be something that the board passed as a rule without any express authorization in the declaration. The declaration may say that the board has the right to charge an application fee for the purpose of approving leases, and that kind of fee would be legal. But the way you describe this fee, it sounds like a fee owed simply for the right to lease; and if the declaration otherwise allows owners to lease, a fee to exercise that right would be suspect.
Now, I do think that an HOA could implement a mandatory contribution of some kind attached to every rental of a lot, but that would need to be an amendment to the declaration, and not just a board made rule. So, right off the bat, I doubt this fee would be legally enforceable…
Homeowners association wants to charge rental fee, demand background checks. Is that legal? — Ryan Poliakoff | The Palm Beach Post | May 25, 2025
Boca Raton, Florida: Pickleball litigation is on the rise. Read more about the perils of pickleball in Issues 89, 88, 84, and 81.
The Parkside At Boca Trail Community Association is facing a lawsuit from homeowners who say they were never asked if they wanted tennis courts to be converted into pickleball courts. The community’s board of directors, according to the suit, ordered the conversion in violation of the community’s rules and declarations.
Now, several homeowners say the the courts must be shut down — and are asking a judge to issue a temporary injunction prohibiting all pickleball activity at the community’s tennis facility. The homeowners then seek additional relief — whether financial, a return of the pickleball courts to solely tennis, a massive sound mitigation renovation, or other solution.
At issue: the amount of noise generated by pickleball and its players — noise that the Plaintiffs say violates City of Boca Raton noise ordinances and seemingly confirmed by independent sound testing. Homes close to the tennis courts — now pickleball courts — say there’s a huge difference in the amount of noise generated from pickleball — noise that wasn’t an issue when tennis was the only game being played…
Pickleball Lawsuit: Boca Raton HOA Sued Over New Pickleball Courts — Boca News Now | June 03, 2025
Boca Raton, Florida: Associations have landed on the wrong side of discrimination against people of the Jewish faith and descent.
…An Orthodox Jewish family in Boca Raton has filed a $50 million federal civil-rights lawsuit, claiming the Boca Grove Property Owners Association unfairly suspended them over a social media video showing a Jewish ritual.
Isaac Scharf invited influencer Jake Adams to the country club last December. A brief moment in Adams’ comedic golf video showed the two wrapping tefillin—a traditional prayer practice. Though the club initially reacted positively online, board members allegedly later deemed the religious act “offensive” and punished Scharf.
The 90-day suspension barred the family from using community amenities—including the pool, golf course, clubhouse, and even gate access. The punishment was later extended to Scharf’s wife and five children, including his 5- and 14-year-old sons.
“This wasn’t about enforcing a rule,” said attorney Jacob Roth. “It was about sending a message to Orthodox Jews that they’re not welcome.”...
VINnews: Orthodox Jewish Family Sues Boca Raton HOA for Religious Discrimination — Joseph Feldman | Vinnews | June 06, 2025
Providence Village, Texas: We’ve covered this discrimination case previously in Issue #108 and then Issue# 113.
…The lawsuits come months after the U.S. Department of Housing and Urban Development charged the HOA with discrimination following a years-long investigation. In January, HUD referred the case to the Justice Department for litigation.
One month later, the agency withdrew the case with no explanation. Housing advocates said the withdrawal was unprecedented and could signal a rollback of civil rights enforcement at the agency under President Donald Trump and HUD Secretary Scott Turner, a Trump appointee who is from Texas.
Representatives for Providence Village did not respond to phone calls and emails seeking comment Tuesday. Previously, the homeowners association board told The Dallas Morning News the policy aimed to address an “uptick in egregious crimes” for which it blamed voucher recipients.
FirstService Residential said in a written statement Tuesday that it “denies the allegations and remains committed to operating with fairness, integrity, and compliance with the law.”
Providence Village, about an hour north of Dallas with 9,000 residents, has grown more diverse in recent years. The share of white homeowners fell from 92% in 2018 to 77% in 2022…
North Texas HOA tried to kick out Black residents. Some are now suing for discrimination — Sarah Bahari | The Dallas Morning News | June 04, 2025
West Palm Beach, Florida: Lawsuits galore.
Dueling lawsuits filed by Related Ross and Fort Partners paint a not so happy picture of life at Harbor Towers and Marina in West Palm Beach where the waterfront Shangri-La has become a den of infighting between those who want to sell out to Fort Partners, and those who want to stay put for a while with extended contracts from Related Ross.
The lawsuits are juicy reading, full of scheming and clandestine meetings and bare knuckle white collar brawls. But the drama isn't an isolated incident as developers look to buy aging condominiums on West Palm's waterfront, or block other developers from doing so. And sometimes whole neighborhoods get caught up in the melee fracas excitement.
West Palm condominium war between Fort and Related Ross goes to court — Kimberly Miller | The Palm Beach Post | June 03, 2025
Breckenridge, Colorado: Two lawsuits from one association in the span of 3 weeks.
…One Ski Hill Place Homeowners Association filed a complaint June 5 alleging the town violated its own municipal code while approving aspects of the Imperial Hotel & Private Residences project. The complaint details that the association seeks the town declare the approval of development plans for the Imperial Hotel null and void. It also asks the town to award the One Ski Hill Place Homeowners Association its costs and reasonable attorney fees and grant the plaintiff further relief as a court “deems just and proper.”
The complaint follows a May 19 lawsuit the association brought against Vail Summit Resorts INC and Breckenridge Grand Vacations over the termination of an easement of which it claims to control and didn’t want terminated. The association’s legal representation, attorney Alex Dorotik, said the homeowners worried about their building falling down due to potential construction activities in the easement area. In that complaint, the association seeks Breckenridge Grand Vacations be barred from taking any actions related to the easement…
— Kit Geary | Summit Daily | June 10, 2025
MINNESOTA: The Land of 10,000 Lakes joins Utah by creating an ombuds office.
After HF856 and SF1063 both failed to pass during the regular session, HF4, Article 7, Section 2 creates 45.0137 the COMMON INTEREST COMMUNITY OMBUDSPERSON for which $347,000 was appropriated.
An effort to pass sweeping reforms to the laws governing homeowners’ associations and their property management companies largely failed in the Legislature this year, despite a chorus of complaints from homeowners about surprise bills and conflicts of interest.
But lawmakers did approve the creation of a new Common Interest Communities Ombudsperson within the Department of Commerce, who will be charged with mediating disputes between homeowners and HOAs.
The ombudsperson, however, will have no authority to enforce agreements or offer legal advice. Their main responsibilities will be to create and disseminate plain-language explanations of common provisions in HOA documents; provide “informal” mediation services; and offer advice to lawmakers on issues affecting common interest communities. “Common interest communities” is the legal umbrella term for HOAs and condo associations.
The creation of the ombudsperson’s office is one small win for the bipartisan group of lawmakers who sought to give homeowners more explicit rights and powers, while reining in property management companies and HOA boards…
Legislature creates new state office to mediate HOA disputes — Madison McVan| Minnesota Reformer | June 12, 2025
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