Virginia condominium owners sue condo board, city over new condominium law

Virginia condo owners are suing the city of Richmond for a new condo law that allows them to sell their condos at a discount to renters.

The condo board has agreed to review the law.

The suit was filed Friday in the Virginia Supreme Court.

The lawsuit, filed in the hopes of preventing the city from enacting its own new condo law, alleges that the new law will “destroy Virginia’s most valuable asset and the community it was founded upon.”

The suit asks a judge to order the city to “remove the new condocum from the market, so the condominium market can flourish.”

Richmond has no shortage of condos.

The city sold nearly 7,000 units in the first half of the year.

But residents complain that the condo board does not allow them to offer more than a 20 percent discount to rent.