Florida Lawmakers Reject Financial Aid for Condo Owners Amid Rising Costs

Florida lawmakers have made it clear that condominium owners should not expect financial bailouts to cover rising costs related to compliance with state laws enacted after the 2021 Champlain Towers South collapse, which resulted in 98 fatalities. House Speaker Daniel Perez and Rep. Vicki Lopez emphasized that new legislative proposals will not include direct financial assistance, as they view condo ownership similarly to single-family homeownership, which is considered private property. Perez stated, "Bailing them out with taxpayer dollars is not something that I'm open to," reinforcing the idea that property owners must bear their own financial responsibilities. The state has mandated milestone inspections and structural integrity reserve studies for older buildings to ensure adequate funding for repairs, leading to significant assessments for condo owners. While the current legislative proposals do not offer bailouts, Senate President Ben Albritton noted that lawmakers are open to exploring other ideas to assist condo owners. The new legislation is set to be introduced for the 2025 session beginning March 4.