A recent survey by the Community Associations Institute’s Foundation for Community Research reported that 91% of community association managers and HOA board members saw unexpected increases in operating expenses due to inflation.
When asked how community association managers and HOA board members plan to address unexpected operating expenses, 73% of respondents reported that they plan to raise HOA assessments, 41% plan to reduce expenses, and 15% plan to lower their reserve funding contributions.
Condo and homeowners associations that are feeling the pinch due to inflation may consider resorting to AI searches, such as ChatGPT for legal advice, instead of the HOA attorney.
But, is Chat GPT qualified to provide legal advice to a Condo or HOA? Find out here.