Locally developers have found a new loophole abusing the affordable condo regulations.
Basically, each new residence needs to have condos available at around $200/month.
The loophole, obviously supported by the oligarchic lobby, is that the period during which that rate is required can be limited to 3 years, or the duration in which the developer needs to deliver the building.
After which a mortgage certification needs to be presented. And the $200/month until then is deducted from the final purchase price.
Obviously, many fresh grads who entered the world of outsourced call centers and work for around $300/month take home, $500 if they are Facebook moderators and have 4-6 seconds per post to review, fall in that trap while still living at home and waiting for the building to complete and be delivered.
Failure to present a mortgage, which most never achieve — nor understood due to lacking legalese understanding and being blinded by the well promoted condo lifestyle — results in the “reservation fee” being defaulted.