Florida condo owners look at higher costs as new regulations take effect in the new year

Associated Press

MIAMI (AP) — Florida condominium owners are looking at higher costs from condo associations in the new year. That’s a consequence of a Florida condo safety law passed by state lawmakers in 2022. It requires condo associations to have sufficient reserves to cover major repairs and to conduct a survey of reserves every decade. Because of this law, older condos are facing hefty increases to association payments to fund these reserves and repair costs. Gov. Ron DeSantis signed the law in response to the partial collapse of Champlain Towers South that killed 98 people in Surfside in June 2021.