NEW homeowner
association laws may cause some people to be forced to leave
their condominiums.
The new laws will increase the maintenance and repair fees
by 50 percent in South Florida for 2024, and it is expected
that most residents will not be able to afford it in the
coming year.
|
The move comes as a new legal requirement to “fully fund” reserves to better cover future maintenance and not allow past residents to 'kick the can down the road' |
“Thousands of
condominium owners will not be able to pay the assessments,
particularly those who are elderly, on a fixed income, and
have no significant savings," Simmons added.
The amount of people who will be forced to leave has been
referred to as a tsunami and a catastrophe.
It is expected that people will get evicted for not being
able to afford it.
“It will be a tsunami,” Simmons said.
“This is going to end in a great catastrophe, with people
potentially being evicted from their condominium homes.”