Florida Lawmakers Pass Measure for Condo Owners After Surfside Collapse

SOURCE www.npr.org
Florida lawmakers have passed a measure aimed at providing relief for condominium owners struggling with rising costs in aging buildings following the 2021 collapse of a residential tower in Surfside. The new law requires structural integrity inspections and funding reserves for repairs in buildings older than 30 years.

Key Points

  • Law passed following collapse of Champlain Towers South in Surfside
  • Delayed repairs in the collapsed building highlighted the need for legislation
  • New law allows condo associations grace period for inspections and funding reserves

Pros

  • Relief for condominium owners facing rising costs in aging buildings
  • Mandatory structural integrity inspections for buildings older than 30 years
  • Requirement to fully fund reserves for needed repairs

Cons

  • Some condo owners facing steep special assessments
  • Slowdown in condo sales statewide, especially in older buildings