Well that didn't take long... Only 8 days after KTVU reported that Millennium Tower in SF was sinking and leaning at an alarming rate the first resident has filed a lawsuit. John Eng has filed a $500M lawsuit in SF Superior Court against the developer and the Transbay Joint Powers Authority seeking damages from the "diminution of value" of all the condos at Millennium Tower. In fact we have seen several condos currently for sale at Millennium Tower drop their prices recently, something that rarely happens in the hot SF condo market.
What's to be done? According to a story in SFGate the HOA says they are focusing on the repairs that are appropriate and recovering those costs. That same story mentions there are cracks and water intrusion in the garage, and the building is continuing to sink around an inch a year. Both the TJPA and the developer wouldn't respond directly to the lawsuit, but the developer did say they are working with the HOA to monitor the situation and take appropriate next steps. So far we haven't seen anyone say what those next steps could be.