New laws in the wake of the 2021 collapse of the Champlain Towers have priced out some retirees, who are scrambling to afford hefty repair bills.

New laws in the wake of the 2021 collapse of the Champlain Towers have priced out some retirees, who are scrambling to afford hefty repair bills.

…

Across Florida, aging condo buildings are facing rising expenses and millions of dollars in structural repairs to comply with new regulations following the collapse of the Champlain Towers condominium, which killed 98 people in 2021. While new building requirements are intended to prevent a similar tragedy, the costs are pushing some condo owners to the brink financially and jeopardizing one of the last bastions of relatively affordable housing along Florida’s coastline.“We’ve got to get these buildings back in shape, but for those that are renters and for those that are owners on fixed incomes it means they may have to find other housing,” said Florida House Rep. Vicki Lopez, who helped craft the legislation and whose Miami district includes more than 600 condo associations. “We already have an affordable housing crisis in Florida, so this perfect storm has arrived at a very difficult time.”

In Florida, like across the country, the soaring cost of housing has become a major pressure point on household finances. Home prices in Florida have increased 67% since 2020 and homeowners insurance was up 42% last year. In the vast majority of Florida counties, the median-income household can’t afford the median-priced home, according to NBC News’ Homebuyers Index.

Older condominium buildings have provided an alternative for those who have been unable to afford a single-family home or are looking for a lower-maintenance alternative. The buildings are often home to retirees — some of whom have lived there for decades — along with single-income households and renters.

But now, affording to live in even those buildings is becoming out of reach for some. Under legislation passed by the Florida state Legislature following the Champlain Towers collapse, condo buildings over three stories and older than 30 years must pass a structural inspection by the end of the year. That requirement applies to roughly 900,000 condo units across the state. It also requires condo associations to keep a minimum amount in their reserves to fund future repairs, requiring many buildings to increase their monthly association dues.

  • snooggumsEnglish
    31·
    3 months ago

    Just imagine if our national infrastructure was as neglected as the maintenance on these buildings. That sure would be expensive to sort out if we ever get around to it!

    • HubertManne@moist.catsweat.com
      112·
      3 months ago

      yeah but luckily we have been collecting appropriate amount of tax for the last 50 years so even if it happens we can just pull from our massive rainy day fund or borrow since we have no deficit.

      • catloaf@lemm.eeEnglish
        2·
        3 months ago

        The deficit is not related to future spending.

        Well, it might affect the credit rating of the country, but it would take a lot for that to happen.

        • HubertManne@moist.catsweat.com
          2·
          3 months ago

          the deficit is related to our options for future spending needs. More available credit and of course rainy day funds remove the need to borrow for emergencies.

  • yeahiknow3@lemmy.dbzer0.com
    291·
    3 months ago

    There shouldn’t be “relatively affordable housing on Florida’s coastline.” That ship has sailed. The state is going to flood and get battered by hurricanes until it’s completely subsumed by the ocean. They’ve had half a century to get their shit together and reverse global warming. Florida should no longer qualify for any other federal aid. Surrender that shit to Poseidon.

  • collapse_already@lemmy.mlEnglish
    231·
    3 months ago

    You would think the rapidly escalating insurance cost would be a warning that Florida is not good or safe place to live. If your home is built on shifting sand, threatened by rising seas, and virtually guaranteed to be regularly battered by violent storms perhaps you should move before it completely depreciated. Floridians better hope Aquaman has a big checkbook.

  • jpreston2005@lemmy.world
    2·
    3 months ago

    My grandmother is currently dealing with this. She’s living off a pension from her late husband, and the cost of repairs to her complex is mucking everything up. Every contractor in the state seems to consider this a boon, and have been jacking up their prices considerably for even minor work. So far she’s been somewhat lucky with weather related damage, but for how long her luck holds, we can only guess.