Learn why Rep. Vicki Lopez urges patience as lawmakers await key data on reserve funding
A recent Florida Politics article stresses growing concerns over the financial impact of Florida’s new condominium laws, particularly surrounding reserve funding requirements for repairs. Miami Rep. Vicki Lopez, one of the architects of the legislation, emphasized that it’s too early to address the rising costs through legislation, as much-needed data won’t be available until January 2025.
The Structural Integrity Reserve Study (SIRS), which condo associations must complete by the end of this year, will provide crucial insights into how much funding is needed to maintain buildings and avoid another tragedy like the Surfside collapse.
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Lopez addressed the “anticipatory anxiety” many condo owners feel, acknowledging concerns that costs could become overwhelming but pointing out that the situation isn’t fully clear until the data arrives. In the meantime, some call for a Special Legislative Session, though leaders like Senate President Kathleen Passidomo favor waiting until next year’s regular session.
John Cadden noted how past decisions to waive reserve funding contributed to the current issues. He explained, “It used to be, you did a reserve study, but you could vote as a condominium to waive reserves and not reserve any money. Of course, when people are asked to spend less money, they always agreed.” Cadden stressed that this has left many condo boards vulnerable to overwhelming costs they can no longer avoid.
Read the Florida Politics article here
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