00:00We're told the solution to the housing crisis is high-density. Millions more apartments
00:11are coming.
00:12It's really hard as a teacher and a single mum to be able to afford a property, so kind
00:16of having an apartment or a unit was a way for us to get into the housing market.
00:21The companies hired to manage these buildings are cashing in to the tune of $7 billion a
00:29year. But this strata industry is trapping apartment owners in a nightmare.
00:36It's the hidden costs. It's the random mismanagement costs that you know nothing about.
00:44Across the country, governments have failed to keep up.
00:48There is no question we need to do a better job of regulating strata.
00:53And they're not protecting owners.
00:55The government's got to invest in this. It's all going to hell in a handbasket.
01:00Earlier this year, we asked you to tell us your stories about living in strata. Thousands
01:06of you responded.
01:07This is the spreadsheet that we produced, which documented every invoice that had been
01:13paid without our authorisation.
01:16It's just like a Pandora's box opened up and it was like one thing after the other.
01:20Payments made for services not provided, and then...
01:29In this Four Corners, we reveal apartment living is putting us at the mercy of a rapacious
01:35and unethical industry.
01:37The rot runs deep from hidden fees, to secret insurance kickbacks, to deals with developers.
01:44Our findings will shock you.
01:47It's almost as if the whole business model has been designed to, frankly, screw Australian
01:55apartment owners.
01:56I always said this industry needs a Four Corners moment.
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