New building safety law
Following the 2021 collapse of the Champlain Towers South, a 12-story condominium in the Miami suburb of Surfside, in which 98 people died, legislators rushed to pass safety reforms. A new bill was signed into law that includes the above requirements.
But there was a problem. Many condo associations were short on reserves. So, the cost to fill them, pay for required inspections and fund any potential repairs, in a number of cases, was passed on to unit owners.
Caruso said that many condo owners, especially those who are elderly and on a fixed income, are at risk of losing their homes due to the legislation because they can "no longer afford the tripled reserves or the quadrupled dues."
Many residents of these condos have lived there for a long time, he says, and they need help now.
Some lawmakers argue, however, the situation is too complicated to be effectively solved over the course of a brief special session and more time is needed.
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Learn MoreAnother source of financial stress
New condo fees can be a big problem by themselves, but the situation is made worse by other high living costs.
Home insurance prices in Florida, for example, are among the highest in the nation. The average annual premium for a $300,000 dwelling in the state was $5,488 as of Feb. 10, nearly two-and-a-half times the national average of $2,258, according to Bankrate.
Those entering the market or want to make a move may also struggle. Mortgage rates nationwide are floating near the 7% mark, while the median sales price of a house in the U.S. remained elevated at $419,200 as of the fourth quarter of 2024.
Some Florida retirees have also reported going back to work because they can no longer pay the bills.
It's uncertain how soon condo owners in the state might get any relief, however, it isn't an issue that's going away. Florida Gov. Ron DeSantis himself has called on the legislature to amend the law.
"We’re now seeing some problems that I think were unintended that have popped up, and we have a responsibility to act to make sure that people can stay in their condo units," DeSantis said, according to Florida Politics.
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