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Interestingly even the wealthier residents of this complex have seen huge hikes in the service charges (presumably to pay for the running costs of the sky pool...)

Might be affordable to those with lots of money, but probably a hinderence to those just about getting by with the mortgage payments

https://pastebin.com/PZ5XQkWH (article from the FT)

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It could also be foreign investors stuck in an investment they expected to flip ahead of completion, and not paying their share of the service charge (I was in an old building in central london where that was exactly the case). Also a classic of these luxury buildings is the developer extracting revenues through overcharging for property management. There are now legal ways out but it is a painful process.

It’s odd that it seems like all of these ultra-luxury places are so poorly constructed and run. This tower in NYC now has a required $15k annual spend at the restaurant, among other problems.

https://www.nytimes.com/2021/02/03/realestate/luxury-high-ri...

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