Learn how new building regulations are skyrocketing fees for Florida condominiums
In a recent Fox 35 news report, John Cadden discusses the impact of Florida’s new SB 4-D law, causing a sharp fee increase for Orlando condo owners. Cadden explains that while the law aims to enhance building safety, it burdens many condo owners financially. “The new requirements mean that condo associations have to raise more money, and that money has to come from the residents,” Cadden notes. The effects of the new building safety law have led to increased monthly payments for many condo owners, some of whom are already on tight budgets.
Cadden emphasizes the law’s disproportionate impact on residents with limited financial flexibility. “Not everyone who owns a condo is wealthy; a lot of them are ordinary people, retirees, or those living on a fixed income,” he says. The unexpected hike in fees can be a significant hardship for these owners, forcing them to make tough financial choices.
The new regulations have also led to more special assessments, to cover unexpected costs, further adding to the financial strain. “Assessments can be unpredictable and often come as a surprise to owners, making it hard for them to plan their finances,” Cadden explains.
Learn more:
John Cadden on Good Day Orlando discussing condo owner special assessment strain
In response to these challenges, Cadden advocates for a more balanced approach to the legislation. “Safety is important, but we also need to consider the financial realities of condo owners,” he suggests. Cadden’s perspective highlights the need for thoughtful policy adjustments that protect both the structural integrity of buildings and the financial well-being of residents.
Read the Fox 35 News article here
Ready to determine the best course of action for your property?
Contact us today!
Back to news and insights Share
