Florida’s condominium and homeowner associations have long been cherished for the sense of communityluck9, security and amenities they offer to millions of residents.

But that is quickly changing.

As a recent Tyson Group poll confirmed, the rising costs of living in these communities, driven in part by new safety regulations born after the Surfside condo collapse, are placing a growing burden on homeowners, many of whom are also now grappling with the aftermath of Hurricane Helene and soon, Hurricane Milton.

As president of Florida’s Community Association Management Professionals (CEOMC), I had the honor of participating in a recent roundtable convened by Gov. Ron DeSantis, alongside condominium owners, Sen. Nick DiCeglie and other stakeholders.

DeSantis’ leadership in acknowledging these concerns and gathering diverse perspectives demonstrates a commitment to balancing safety and affordability for Florida’s residents.

This roundtable was a critical step toward finding practical solutions for condominium owners facing financial pressure due to new safety mandates, which are set to take effect on Jan. 1, 2025.

Thankfully, during the roundtable, Gov. DeSantis assured us that “something will be done” before year’s end to help condo owners. He stressed the importance of having solutions prepared ahead of time to avoid hasty decisions, and I agree.

Florida’s condominium owners are facing unfunded costs imposed by the new law. As one homeowner shared, these costs—ranging from $30,000 to $100,000 per resident—are unsustainable, especially for low-income seniors.

This is why, at a minimum, adjusting the looming Jan. 1, deadline for compliance is so critical. This decades-old problem did not develop overnight and will not be corrected overnight.

Laws that both permitted condominiums to waive their reserves (funds that are set aside to pay for building maintenance) and also instructed them on how to waive their reserves have thankfully been repealed – but have also left a path of fiscal confusion in their wake that requires a more realistic compliance glide path.

The 2022 law is also a math problem. Under it, all condominium buildings three stories or higher must obtain a brand new “structural integrity reserve study”, or SIRS, before Jan. 1. Even if a condominium association had been responsibly reserving its funds and maintaining its buildings for years, it doesn’t matter.

All buildings must undertake a one-size-fits-all SIRS whether they need one or not.

According to the Florida Department of Business and Professional Regulation, there are more than 25,000 condominium buildings in Florida. Based on our experience in the marketplace, there are less than a dozen qualified reserve study providers in Florida who provide quality, trusted reserve studies.

How can 25,000 condominium buildings obtain a SIRS from a handful of providers within a period of two years? The answer: they can’t and they won’t. The math simply doesn’t work.To make matters worse, a cottage industry of unqualified reserve study “providers” has emerged.

As a result, condominium associations are imposing dramatic and unnecessary assessments that could have been avoided if time had permitted a quality “second opinion” to be secured.

This, along with the many unintended consequences with the 2022, law must be addressed by our lawmakers.

We are grateful for Gov. DeSantis’ proactive approach to this issue and his immediate and compassionate response to Hurricane Helene. CEOMC remains committed to collaborating with the governor, the Legislature and all stakeholders to ensure that safety and affordability can coexist.

We understand the importance of safety reforms in the wake of the tragic Surfside collapse, but it is equally important to ensure that these regulations do not overwhelm the very homeowners they are designed to protect.

By staying flexible, responsive and proactive, we believe that together we can craft policies that prioritize safety without imposing unnecessary financial hardship on our communities.

We look forward to continuing our work with state leaders to find a balanced, thoughtful approach that serves the best interests of Florida’s condominium owners.

Debbie Reinhardt is president of Florida’s Community Association Management Professionals (CEOMC).

This story was originally published October 8, 2024, 5:39 PM.

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