2024-10-16 04:05 Views:121
Miami-Dade County Mayor Daniella Levine Cava is calling on Florida lawmakers to do something about a looming condominium crisis that could see thousands of owners priced out of their homes.
In a letter to the incoming Republican leaders of the Florida Legislature, the newly re-elected Democrat said lawmakers should prioritize changes to the state’s condo laws when they reconvene for the 2025 legislative session in March. In response, incoming House Speaker Daniel Perez, R-Miami, said the fixes are not as easy as some suggest.
“The important question that is not being asked about this very important issue is not ‘when?’ but ‘what?’ How do we properly balance issues of economic impact with the safety of our citizens?” Perez said in a statement to the Miami Herald on Wednesday. He added that lawmakers need to first figure out how to strike that balance before talking about changing existing laws.
Condominium associations across Florida are facing a Jan. 1 deadline to figure out how much they need to set aside for repairs. The repairs could cost the associations millions of dollars. Unit owners would be forced to shoulder the burden with hefty special assessments and higher monthly fees — all while facing rising insurance costs.
“Residents across our state are feeling the pressure, and we are deeply concerned that these challenges will intensify the affordability crisis we have worked so hard at the state and local level to address,” Levine Cava wrote. “We ask that you tackle this escalating issue and urge the Legislature to work collaboratively across the aisle for solutions.”
Read more: What’s the future for Miami condos? Experts to talk on crisis, solutions at Herald panel
The call comes a week after Florida lawmakers rejected calls to reconvene the Legislature before March to amend new condo safety laws passed in the aftermath of the Champlain Towers collapse in Surfside in 2021 that killed 98 people.
After the collapse, state lawmakers banned association from waiving reserve contributions — a form of savings for routine maintenance projects — and delaying structural repairs. Champlain Towers was doomed by structural issues, and despite several warnings from contractors, the owners deferred repairs due to the multi-million-dollar cost for renovations and upkeep.
Now, condo associations with buildings three stories or higher owe the state a reserve study by January 2025, essentially providing a savings plan for repairs needed every 15 to 25 years. If those buildings are 30 years or older, they’ll have to undergo a structural inspection, too. As a result, many condo association leaders are approving higher homeowner fees.
“I know some residents are anxious, understandably, but the people of Florida deserve something better than us taking the easy way out and just letting history repeat itself — because I said then, and I will say it again now, I will never let a tragedy like Surfside happen again under my watch,” Perez said.
Incoming Senate President Ben Albritton, R-Bartow, echoed that his focus is on ensuring a tragedy like Surfside doesn’t happen again.
“As a father and grandfather, my gut tells me that when I look to prioritize affordability and safety, safety is going to win every time,” Albritton said in a statement to the Herald on Wednesday. “With that being said, I do hear the economic side of this issue loud and clear. Inflation is stretching budgets across the state, and families and seniors are having a hard time making room for increased assessments needed to cover years of deferred maintenance.”
Read more: Condo HOA fees jumped 60% in South Florida in past 5 years. Why higher costs are ahead
Rising HOA fees and insurance costs are some of the reasons condo prices keep falling in South Florida. Across the state there are similar trends. The number of condos and townhomes on the market has shot up 92% since last year, according to the most recent data from Florida Realtors. Meanwhile, sales fell 20%.
Levine Cava said affordability should be prioritized along with safety when it comes to rethinking the statutes that govern condominiums. While she did not suggest specific proposals, she noted the county has distributed millions of dollars in loans to help low-income condo owners pay for special assessments.
“But to truly tackle this crisis and provide relief to homeowners while continuing to promote building safety, we need further support and action from the state level,” she said.
Perez said he will continue to have conversations with condo owners and state lawmakers to come up with solutions.
“And once we know what to do — how to strike the right balance between affordability and safety — then we can talk about when to consider changing the existing laws,” Perez said.
Albritton agrees.
“These are serious issues that are going to take time to sort out,” he said. “I’m open to ideas.”
This story was originally published August 28, 2024, 12:29 PM.
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