Explaining Florida HOA increase boom
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·1 min read

Two years ago, tragedy struck when a 40-year-old beachfront condominium in Surfside collapsed, claiming 98 lives. In response, Gov. Ron DeSantis enacted a condo safety law requiring more frequent inspections.

As per Bill 4-D, buildings of three stories or more, certified before July 1, 1992, must undergo initial milestone inspections by December 31, 2024. Associations can no longer waive reserve contributions, mandated to complete a Structural Integrity Reserve Study (SIRS) by the same date.

Condo associations are now increasing fees to build up reserve funds for repairs, as members must cover costs identified in the new inspection process. This impact is significant, considering only 5 to 10 percent of associations have adequately funded reserves, and about 50 percent lack any financial reserve.

‼️Crucially, these HOA increases will cause Florida condo rental prices to skyrocket.

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