At a recent roundtable on condo costs, Florida Governor Ron DeSantis heard pleas from condo owners on large assessments they are facing due to new state laws.
Prior to 2024, property insurance was the chief concern; now, it’s the high cost of condo association fees.
“We have planned many renovations which have taken years and now we are being hit with all of these assessment fees which people just cannot afford. We have one unit that has an assessment fee of $100,000,” said Earl Cooper, a member of the roundtable
The governor is being asked to call a special session to help ease the financial pains suffered by condo owners.
To help Floridians with their costs, Gov. DeSantis said he’s open to the idea of zero interest loans for buildings at the most risk.
“We have to act this year,” DeSantis said. “The legislature made a good faith effort after surfside but we cannot have people being kicked out of their homes,” said DeSantis.
Republican state senate leaders balked at the idea of calling for a special session and told residents that any changes should be made during the next full session when legislators have more time to analyze the issue sufficiently before crafting new reforms.
The high cost passed on to condo owners stems from strict regulations passed after the 2021 collapse of the Champlain Towers South in Surfside, which killed 98 people.
Parts of the new law call for stronger building inspections and repairs, for units over 30 years old or located near the coast and condo associations must have reserves for future repairs.
“This is by far the largest assessment we have had since I lived here in the past 21 years,” said one Condo President at the roundtable. “I would like to be able to finance these projects on a no interest loan over a few years. My residents want me to pull off a miracle but I have nobody to go to.”
Earl Cooper complained about the law saying that it lumps the good and bad apples together when they should be separated.
“Places like ours that have planned repairs over years are being hit with all of these new said costs a once,” Cooper said. “The buildings with a more fluent group of owners tend to do more of a right thing. I just think the timeline needs to change.”
Republican legislators who helped pass the law admit it does put condo owners in a financial bind. Still, they maintain that the new regulations are needed to keep the building structurally sound.
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