That’s completely insane. What was the justification provided by state officials?! I can’t believe Floridians voted for that.
Discussion
It wasn’t voted for. When the building collapsed in Surfside about 2 yrs ago and 98 people died, DeSantis made a law that all condos with 3 stories or more, have to hold bank reserves to completely cover replacement costs for roof, structural, plumbing, electrical etc. so that a building doesn’t collapse due to neglect. This is a good thing except that most condos have deferred maintenance and don’t have enough time to build those reserves. I expect a condo correction in FL in 2025 and and increase in most HOA fees of over 50%. Many can’t afford that. It will be interesting 🧐
I was in Miami for a conference and remember seeing condos falling from the road. I’m not sure if that’s what you’re talking about but I remember being horrified thinking that people were paying Miami prices to live in 1970’s Brooklyn.
Whatever you decide to do that’s best for you and your loved ones I support and I’m praying you not only find resolve but something that’s bigger and better than what you’re leaving.