In a context where rental costs in Miami are already prohibitive, the new condominium law in Florida is adding pressure to residents.
Many people who live in counties like Miami-Dade could be forced to abandon their homes and move to other areas of the state due to the high prices of condominium maintenance.
The legislation, passed in May 2022, requires all condominium associations to conduct structural inspections and maintain Adequate reserve funds for future repairs.
Julio Robaina, former congressman and condominium legislation expert, highlighted that the implementation of this law in Miami-Dade is especially critical due to the constant flow of new residents and the developer interest to build more buildings.
“The reserve law comes at a complicated time, with an increasing demand for housing and resources that are not growing at the same rate,” Robaina told AmericaTeve.
José Pazos, president of a maintenance company that works with numerous condominiums, warned about the need to comply with these new provisions before it is too late.
“Maintenance fees could double or even triple compared to the current ones,” Pazos explained. Additionally, insurance costs are also on the rise, adding another layer of financial difficulty for homeowners.
The lack of transparency in the management of these associations has led to multiple complaints. State Representative Vicky López has promoted a law to improve access to information about condominium expenses.
This proposal has already been approved by the state legislature and senate, it is pending only the governor’s signature Ron DeSantis.
The government allocated an additional $8 million to the Department of Business and Professional Regulation to investigate homeowner complaints and ensure condo board members receive proper training.
As Miami continues its expansion, experts recommend residents stay informed about new regulations and actively participate in their community meetings to avoid financial surprises at the end of the year.
The current crisis highlights the growing disparity between the cost of living and the income of many citizens in the vibrant city of the Sun.
