The Real Deal:
Construction defects, alleged or otherwise, are a hallmark of any building boom, and the last five years have been no exception. While there are no publicly available numbers on the frequency of such complaints, attorneys say latent defects usually spring up a year or so after buildings open. Many say they are already seeing an uptick, given that construction has been unrelenting since 2012. And they say it’s safe to assume that another wave of lawsuits is about to hit.
Unlike during the financial crisis, when cash-strapped developers may have cut corners to avoid abandoning projects altogether, today’s developers are racing against the clock — and each other — to complete projects in a soft market that’s bracing for even more inventory.