(The Center Square)— A new Florida condominium law is affecting the Sunshine State’s real estate market. The new measure requires costly inspections, significantly increasing homeowners’ costs.
The law — Senate Bill 4D — was passed during a special session in 2022 and requires condominium associations to retain adequate funds for building repairs. Buildings three stories or higher are subject to inspection requirements.
Florida Senate President Kathleen Passidomo, R-Naples, is currently working to address complaints about the new regulations, but said in a memorandum to state senators in mid-August that the Legislature would not be having a special session to address concerns.
“I am increasingly concerned by what I see as a growing narrative, ripe with misconceptions and inaccuracies, regarding the condo safety legislation passed in the years following the devastating collapse of the Champlain Towers in Surfside. Some have suggested a special session be called to address or alter existing safety and reserve funding requirements and other related issues. I do not agree, and for the reasons outlined in detail below, I have no intention at the present time of utilizing my authority as Senate President to convene a special session,” Passidomo said.