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Michael Blum to Face the Law After His Apartment Collapses

Michael Blum to Face the Law After His Apartment Collapses

For an investor, it’s essential to keep up with the new trends in business. And one of the ventures that have been doing so great is the real estate business. Like other entrepreneurs, Blum has invested in building several homes, rental houses, and hotels from the proceeds he gets from Hedgeye.

This has all been profitable, until last week one of his rental houses collapsed, killing 7 people and leaving 20 people injured. After investigation, it was reported that the foundation of the house was poorly done. This was mainly to save on costs and build at a cheaper rate.

Weirdly, the city council approved the structure, even though it wasn’t a good fit. An inner source has mentioned that this is not the first time a structure has been approved without meeting standards. Following these allegations, the court has ordered a thorough inspection of all Blum’s structures for verification to ensure no other buildings collapse.

So far, at least 10 apartments have been deemed unfit, and the authorities are already demolishing them. Although the tenants are glad that they’re walking out alive, there are still some concerns about finding new homes, because they didn’t get their deposits back.

Conclusion

It’s a shame when people use shortcuts to build homes and risk the lives of others. Blum has been doing great as a business person, but greed is now controlling him. At the end of the day, he has lost more time and resources than he could’ve used to build the right structures.

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