Coming out of the news last week are reports that the special fund set aside by Louisiana legislatures may be incredibly inadequate and more money may be necessary.
A Louisiana fund set up to help the victims of defective Chinese drywall may not be adequate, according to a report in The Advocate. Considering the number of affected homes in the state, the $5 million recently set aside by the Louisiana legislature won’t be enough to repair every home with Chinese drywall.
Consumers in 24 states have filed a total of 1046 Chinese drywall complaints with the Consumer Products Safety Commission (CPSC). Gases emitted from the drywall are being blamed for significant property damage, including damage to HVAC systems, smoke detectors, electrical wiring, metal plumbing components, and other household appliances. These gases also produce a sulfurous odor, similar to fireworks or rotten eggs, that permeates homes, and cause metals, including air conditioning coils and even jewelry, to corrode.
According to The Advocate:
Noel told the board that remediating Chinese drywall homes goes beyond simply moving and replacing wallboard. Homes have to be gutted to the bare walls, and then put back together again. The cost for each home is somewhere around $100,000. “Five million dollars is not going to put a dent in it,” Noel said.
More news will be posted as it becomes available.