Regulations passed in Florida after the 2021 collapse of the Champlain Towers condominium have helped fuel the drive by developers to buy out and replace older residential buildings. The new rules have increased costs for residents in many older buildings, sometimes requiring sizeable special assessments that may be unaffordable. — NPR
The rush to improve building safety in the wake of the 2021 Surfside condo collapse has since produced some unintended and expensive consequences for residents of Florida condominiums, three-quarters of whom live in structures that are now more than 30 years old.
While the laws’ intent is to protect their lives and property, the costs offloaded onto them through their condo associations have fueled a separate gold rush on the part of developers (who were already looking to take advantage of the new Resiliency and Safe Structures Act to make way for more lucrative new constructions). The court ruling in the Biscayne 21 case, if upheld, might now be the only thing preventing the mass-scale redevelopment of the many peers of Champlain Towers South, regardless of their current structural integrity.
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