- Ballot Information
- November 6, 2008 Letter
- Shareholder Comments
- Promenade News E-mails
Let's keep the Promenade as the premier address in Bethesda.
The Promenade has long been the premier luxury address in Bethesda. Let's keep it that way. Please remember that bylaw changes that have not been carefully considered and carefully drafted may do more harm than good. And always where changes to a complex structure are involved, changes can have far-reaching and profound unintended consequences.
Please vote against Proposed Bylaw Amendment # 11.
Things that look good to some people at first glance may in fact be very troublesome when time is taken to understand the impact of the changes.
Why should I vote against Proposed Bylaw Amendment # 11?
You can read the questions and short answers below. Please click on the More Information button for additional information concerning each question.
Effect of Changes:
What would Proposed Bylaw Amendment # 11 do?
The primary effect is to make it difficult or impossible for owners to rent the units they own.
Owners Who Want To Rent:
Which owners want to make their units at the Promenade available for rental?
Many more than you would think. Please read More Information to see why.
Will limiting rental units make it possible for more people to get mortgage loans?
Why have these bylaw changes been proposed?
The changes were proposed in an effort to respond to changes in the financial marketplace.
Rental Units Needed in Montgomery County:
Does limiting the availability of rental units in Montgomery County Maryland make sense for those of us who live here?
I don't think so.
Public Policy Issues:
The adoption of Proposed Bylaw Amendment # 11 will result in Promenade units being held vacant. From a public policy perspective, does it make sense to take a valuable resource and force it to stand idle and useless?
I don't think so.
Will Proposed Bylaw Amendment # 11 cause financial hardship if adopted?
Owners Who Want to Stay Forever:
I moved to the Promenade to retire. I intend to live in my unit until I pass away. Why should I care about my ability to rent my unit?
There are certainties in life in addition to death and taxes. One is that circumstances change. My parents moved into the Promenade, and they believed that they would remain here until they passed away. That did not happen.
Impact on Unit Value:
How does the fact that a unit will be difficult or impossible to rent impact the resale values of units at the Promenade?
Restrictions on use will likely reduce unit values.
Are units that are currently being rented grandfathered in, so that their owners may continue to rent the units?
No! Please see the More Information section to understand the use of the words grandfathered in the proposed bylaws.
Tenant Concern 1:
If you are a current tenant in a rental unit at the Promenade will Proposed Bylaw Amendment # 11 affect you?
Yes, possibly in a very negative way.
Tenant Concern 2:
What if two or more people live in a rental unit and one moves out, becomes incapacitated, passes away, etc.?
The remaining spouse, significant other, roommate, etc. may not be permitted to continue renting the unit.
Tenant Concern 3:
What happens if circumstances change and a tenant currently renting a unit in the Promenade would like to move to a larger, smaller or different unit?
As a practical matter moving from one unit to another may be impossible to do in any convenient way.
Let's assume for the moment that Proposed Bylaw Amendment # 11 is adopted. That action is going to cause financial losses to some people. When people are injured financially, some of them are likely to file suit. It is, in my opinion, near certain that one or more suits will be filed against the Promenade. It is within the realm of possibility that one or more suits will be filed individually against board members and counsel. The Promenade will have to pay its own litigation costs and damages if it loses the case. In this situation are these reasonable risks to take?
I don't think so. If the Promenade loses the litigation it is not inconceivable that each unit would be assessed thousands of dollars in additional fees to pay for the legal fees and other costs of litigation and damages (if damages are awarded against the Promenade).