What Condo Reform Bill Means for Florida
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
Florida Governor Ron DeSantis signed a bill on Wednesday reforming the recently implemented building safety legislation that has thrown the state's condo market into chaos, hoping to offer owners some relief from rising costs.
What Problem Is the New Bill Addressing?
The Sunshine State—especially its southern region—has been brewing a condo crisis over the past year, as the coming into effect of a law requiring inspections and reserves for condo buildings has led to significant financial burden for owners.
The new legislation was passed in the aftermath of the deadly collapse of the Champlain Towers South building in Surfside in June 2021 which killed 98 people.
In an aerial view, the city of Miami skyline, where many renters reside in the apartment buildings on September 29, 2021, in Miami, Florida.
In an aerial view, the city of Miami skyline, where many renters reside in the apartment buildings on September 29, 2021, in Miami, Florida.After an investigation found that structural issues with the building and delayed maintenance had led to the tragedy, lawmakers introduced new requirements demanding that all condos three stories or higher undergo regular inspections and that condo associations put aside sufficient funding to conduct necessary maintenance and repair work.
While well-intended, the legislation had the unpleasant consequence of raising costs significantly for condo associations and owners. In an attempt to escape rising costs which they often cannot afford, hundreds of condo owners have been trying to sell their properties, leading to a surge in for-sale inventory across the state at a time when demand is sinking.
Many are now stuck inside units that promise to cost them increasingly higher fees, while some might even lose their homes because of expenses they cannot shoulder.
What the New Bill Signed by DeSantis Changes?
House Bill 913, which the Republican governor had strongly pushed for, aims to balance the safety requirements introduced by legislation passed after the deadly Surfside collapse with more financial flexibility for homeowner associations and condo owners.
Crucially, the bill does not eliminate the requirement for regular inspections or for the creation of a reserve fund for future maintenance, but it gives condo associations more time to get it in place.
"The immediate impact is that condo associations now have much more flexibility and uniformity when it comes to reserve requirements," Robert G. Smith, president of property management company FirstService Residential's South Region, told Newsweek. "Instead of being required to fully fund reserves right away, they can now prioritize urgent repairs first—especially those flagged during inspections."
Under the legislation signed by DeSantis on Wednesday, condo associations can temporarily pause reserve fund contributions for up to two years. In short, the new bill "gives associations time to focus on what matters most," Smith said. "It also introduces a standardized format for reserve studies, bringing more consistency and clarity."
Additionally, HB 913 allows condo associations to use alternative funding methods, like loans or lines of credit, to meet reserve obligations. "That's a major relief for boards who are feeling the financial pressure," Smith said.
Will The New Bill Help Florida Condo Owners?
"When it comes to condo safety, this bill gives owners much-needed breathing room," Smith said.
"One unique concern we've consistently heard from our boards is the frustration with being required to fund reserve studies that don't reflect real-time repair efforts," he added.
"This bill directly addresses that issue by allowing associations to complete critical repairs first and conduct updated reserve studies based on the building's current condition. It's a more practical approach that recognizes the proactive work our boards are already doing—and it clearly shows that their voices are being heard in the legislative process."
Juan Arias, South Florida-based director of market analytics at Homes.com, is less optimistic about the positive impact of the bill.
"While the law is positive, it is unlikely to drive a significant shift in pricing trends," he told Newsweek. "The headwinds of elevated financing costs, HOA costs, assessments and slower employment gains still remain."
While the bill is a move in the right direction, he said, "further extensions to meeting milestone deadlines will remain increasingly unlikely as lawmakers weigh the benefits for current condo owners v. the potential of another building collapse."
Kat Amador, partner and real estate attorney with Berger Singerman, agrees that "for many struggling condo owners, the bill doesn't go far enough," she told Newsweek.
The bill checks some boxes, she said, but leaves big gaps, especially on how enforcement and affordability challenges will actually be handled.
"It puts new responsibilities on DBPR [Florida Department of Business and Professional Regulation] local agencies but doesn't address whether they have the staff or resources to enforce them effectively. Worse, it leaves unresolved the ongoing inconsistencies between agencies," she said.
"And while the bill offers funding flexibility for associations, it does nothing for low-income owners who simply can't afford massive assessments," Amador said.
"In my practice, I regularly see owners forced to sell below market because buyers discount for looming repair costs. It's even worse when owners can't afford repairs at all, leaving the building tagged as unsafe," she added. "Unit owners are forced to move out, stuck with huge costs for a home they can't use, and hoping someone will buy fast."
For Amador, there is still space for further changes to the legislation in the future.
"Florida is often informally referred to as 'the condo state' and for good reason. Much of our coastline is developed into high-rise condo buildings to maximize oceanfront views and density," she said.
"Several issues such as implementation challenges, funding shortfalls, gaps in enforcement and mandating annual adjustment thresholds for inflation, especially when you take into account the increasing costs of construction and insurance, will likely bring about additional reforms as associations deal with compliance with financial requirements and safety regulations."
Are you a Florida condo owner? I'd like to hear your opinion on the new bill and whether you think it goes far enough to help you. Email me at g.carbonaro@newsweek.com.
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