Owners of apartments affected by the cladding crisis in Victoria have told researchers of the emotional toll it has taken on them.
To cope with the financial stress, some owners have delayed their retirement, while others have borrowed money to cover massive increases in insurance premiums.
Others have told of their concerns for neighbours who may be at risk of suicide because of the impact of the issue. …
Dr Moore said residents also spoke of their concern about the range of other defects in apartments, including a lack of waterproofing and water ingress. …
The Victorian government has put $600 million towards a project to identify and replace dangerous cladding and has vowed to pursue dodgy builders who installed it.
Other states are less advanced, with concerns raised around the delay in action on the issue in NSW. …
The NSW government has previously advised councils to cite a terror risk to keep flammable cladding locations secret from the public. Many owners also fear the potential hit to the value of their investment, if its cladding status is made public.
A reader notes:
The consequences of
- a huge multi-decade credit expansion by the banks, cheered on by the governments of both sides,
- low-quality building standards being accepted by people as ok and regarded as normal. and
- failure of governments to ensure proper oversight and certification of building processes (because they were too busy collecting stamp duty).Now the whole of Australia will have to pay to clean the mess up. In a similar way to the banks making profits while their losses are socialised, the building industry and local governments have made money from this and the general population will have to pay for their shortsightedness and failure.