Recent Condo Lottery Legislation
In December of 2005, legislation was passed that changed the rules governing the condo conversion lottery. The changes are intended to make the odds of winning the lottery more fair for participants who have entered and lost for multiple years. In past years these participants have complained that new entrants have flooded the market and unfairly reduced the odds of winning for the owners who have entered the lottery and lost for many years.
The new system reduces the odds of winning for new entrants and increases the odds for those who have entered and lost multiple times. Over time the new system is designed to guarantee that a participant will eventually win. The legislation for this new system is only in place for 2006 and will only continue if renewed for 2007.