What is a significant consequence of local government requiring extensive building safety improvements?

The requirement for extensive building safety improvements often entails a substantial amount of capital outlay. This is because local governments often mandate upgrades to meet current safety standards, which can include structural, electrical, plumbing, and fire safety enhancements. Property owners may need to invest heavily in renovations, modernizing their buildings to comply with regulations. This can be a significant financial burden, especially for older properties that may require comprehensive updates to meet these safety codes.

While there may be some relationship between safety improvements and the other listed consequences, such as potential increases in rental prices or enhanced property aesthetics, the most direct and immediate consequence of these mandates is indeed the financial investment required for compliance. Ensuring buildings are safe is critical, but it can lead to a heavy initial expense for property owners and developers.