The Property Council of Australia (PCA) has called for a lower threshold for renewing strata schemes in order to increase the supply of new housing and office spaces.
NSE executive director of the PCA says that a majority vote will help bring forward real estate and property development into the 21st century.
"Instead of just one person stalling sensible transformation, a more realistic threshold is needed to encourage renewal.
"Balanced with a system of consultation, fair compensation and dispute resolution, Sydney can secure a much-needed legacy of new housing and commercial offices," he said.
In an attempt to see greater turnover in the number of strata schemes, the NSW government is considering altering strata law.
Reminiscent of the famous movie, The Castle, the Sydney Morning Herald owners might be forced to sell their properties if a majority vote to sell.
There are two sides to the argument, with Strata Community Australia telling the publication that these new laws allow for crumbling and derelict buildings to be fixed and overrule a minority.
A strata lawyer told the SMH these new reforms should be accompanied with an independent tribunal so that those who can't afford lawyers and feel like they're being bullied out of their homes can still present their case to an impartial judge.
