Jun 5, 2025
For Fran Sullivan, living in a Florida condo has become financially unbearable.
“I've seen my condo HOAs at $450, double in two years to $900, and I've seen thousands of dollars in assessments. That’s what it’s cost us,” Sullivan, a condo owner in St. Petersburg, told ABC Action News.
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Across Florida, thousands of condo owners are facing similar financial pressures as homeowner association (HOA) fees and insurance premiums skyrocket.
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.
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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:
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- 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:
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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.
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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.
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Tax incentive. Provide tax credits or deductions for unit owners or associations making qualified repairs — such as structural reinforcements, roofing or waterproofing.
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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.
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Monique Danao is a highly experienced journalist, editor and copywriter with 8 years of expertise in finance and technology. Her work has been featured in leading publications such as Forbes, Decential, 99Designs, Fast Capital 360, Social Media Today and the South China Morning Post.
