Read the full article at The New York Times online.
In Florida, new laws requiring extensive building inspections and costly renovations for older condos have left many residents, particularly retirees, facing severe financial strain. The laws, enacted after the 2021 Champlain Towers South collapse, mandate that buildings 30 years or older undergo inspections and fund critical repairs, such as for roofs and balconies. The law, while deemed necessary to prevent another tragedy like Surfside, has placed a financial burden on owners of older properties, many of whom are on fixed incomes.
For condo owners, this often translates into enormous special assessments with owners unable to secure a loan, fearing bankruptcy. Similarly, other owners are struggling with escalating maintenance fees. The combination of expensive assessments, higher insurance premiums, and the increasing age of many buildings has made condos in Florida less attractive to buyers, further plunging the real estate market. About a million condo units across the state now face the same difficult choices: pay for repairs, sell, or risk foreclosure.
“The requirements are ‘coming all at once,’ said Alexander Argento, Vice President of Operations for AKAM Southeast. “It’s very stressful.”
Some owners have turned to local assistance programs, such as interest-free loans, but these solutions are limited and often do not cover the full scope of costs. Despite resistance from state lawmakers to modify the new regulations, the pressure on condo owners continues to grow, with many considering selling to developers or facing legal action from their condo associations for unpaid assessments. While the new rules aim to improve building safety, they have turned the dream of owning a condo in Florida into a financial nightmare for many residents.
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