The state leader explained that, although the law was created to protect residents from new tragedies related to building maintenance, it was not expected that condominiums would overcharge homeowners to gather the necessary funds for the repairs.
An urgent solution is needed. “We don’t have funds to pay more special assessments,” said a woman over 65 who lives in a condominium in Broward. She attended a meeting in Miami held by Florida Governor Ron DeSantis with some association representatives, where she asked state legislators to seek solutions to the condo crisis that has caused many residents to move to other states.
This crisis, which has led many to sell their properties, worsened with the Florida Condominium Safety Act, passed after the Surfside collapse. Among other regulations, it sets a deadline of January 1, 2025, for condominium properties to conduct an inspection and make necessary repairs.
The situation is reaching unsustainable levels, especially in 55-and-older communities, where most residents live on fixed incomes and cannot afford extraordinary fees.
Many of the buildings are over 40 and even more than 50 years old.
As a result, the vast majority have had to face million-dollar repair costs that cannot be covered by maintenance fees and reserves, forcing homeowners to make large contributions to cover the expenses.
Under the argument that, in the end, the properties will be safer and increase in value, some board members of homeowners’ associations have been identified as taking advantage of the situation—and the law’s requirements—to impose excessive charges that are not ultimately used for improvements.
To prevent further overcharging, resident migration, and to contain the crisis, the governor announced he will promote some form of assistance to protect the integrity of the buildings and the financial stability of homeowners.
He asked state legislators to explore the possibility of a type of low-interest loan for homeowners and condominiums.
Facing this crisis, homeowners, especially those in condominiums, are increasingly worried about having to pay high special assessments and higher monthly maintenance fees. Many fear they will run out of funds and be forced to abandon their properties—or worse, have them taken away by associations that, due to non-payment, initiate legal action to seize them. While solutions to this crisis are sought, Florida continues to lose ground as one of the most affordable states to live in the country.
Omaira Martínez
Colombian journalist oma66co@gmail.com
Image: MultiHomes
