‘Too little, too late’: Florida condo owners say between soaring HOA fees and sky-high insurance, the state’s condo reform legislation falls short. Here’s why — and what they’d prefer

Surfside collapse drives up condo expenses

The 2021 Surfside condominium collapse, which claimed 98 lives, prompted Florida lawmakers to enact sweeping safety regulations.

The disaster exposed widespread structural vulnerabilities in the state’s aging condo buildings.

The resulting legislation requires milestone inspections and structural integrity reserve studies for condos 30 years or older and three stories high, as well as strict funding requirements for future repairs.

The compliance deadline — Dec. 31, 2024 — triggered fee hikes and surprise assessments. Some owners, like Sullivan, have already paid thousands for repairs with little warning.

“A lot of people here were financially strapped for doing this, myself included,” said fellow condo owner Tyler Clee.

“To come up and say, I need $10,000 in three months — for most of us, that’s not realistic.”

The financial fallout is chilling Florida’s condo market. Listings in areas like Pinellas County have been sitting on the market longer, ABC Action News reports, as buyers balk at unpredictable costs.

Invest in real estate without the headache of being a landlord

Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.

The best part? You don’t have to be a millionaire and can start investing in minutes.

Learn More

Condo owners criticize late reforms

In response to mounting pressure, lawmakers passed House Bill 913 — the latest revision to the post-Surfside condo reform. While core safety rules remain intact, the bill includes key concessions:

• A one-year delay in funding structural integrity reserve deadlines.
• Permission for associations to use loans or lines of credit instead of cash.
• Clarification from inspectors on which repairs are safety-related.

The bill also allows electronic voting to engage more owners in financial decisions. For many residents, the changes come too late. Sullivan’s building has already set its budget and has completed major repairs based on the earlier deadlines.

“It’s too little, too late,” she said.

“I was hoping they would have done that before the end of last year, because we were forced into a position, because of the timeline, that we had to take care of all of that. … Now, I'm not sure if other condos could be helpful to them, that's great. It's not for us.”

Instead, residents hope for zero- or low-interest loans to offset assessments that weren't included.

Potential solutions

While the new law offers short-term relief, many say broader reform is needed. One of the biggest frustrations is that the legislation does little to address soaring condo insurance.

Experts and residents alike suggest more balanced, long-term strategies. These could include:

• Phased timelines. Allow condo associations to resolve urgent repairs first and offer extended deadlines for less critical upgrades. That way, owners have time to plan, save and avoid sudden, unaffordable assessments.

• Means-tested aid. State-backed grants or low-interest loans to seniors and low-to-moderate-income residents to help cover extensive assessments or emergency repairs.

• Tax incentive. Provide tax credits or deductions for unit owners or associations making qualified repairs — such as structural reinforcements, roofing or waterproofing.

• Exemptions or relaxed rules. Exempt or reduce requirements for small, low-rise or recently constructed condos with clean inspection records.

As Florida’s condo communities grapple with the financial fallout of much-needed reforms, many hope lawmakers will allow sustainable recovery. The goal being to ensure staying safe doesn’t mean losing your home or going into debt.