Major problems are accumulating in the apartment and multi-unit accommodation sector that, if not addressed by government, represent a time bomb that will go off for the taxpayer in five to 10 years time. Citing examples in Canada, Australia and New Zealand, Network volunteer directors David Rouse and Bryan Maher, called for regulator for Owner Management Companies (OMCs). “These problems will materialise over the next five to 10 years as apartment blocks get older,” said Mr Rouse. There are between 5,000 and 7,000 owner/occupier management companies run by some 15,000 volunteer directors. “The number of OMC volunteer directors could fill a football stadium, and yet we hear very little about them,” said Mr Rouse.

Source: The Irish Times April 19, 2018 12:22 UTC