Florida lawmakers rule out condo bailouts amid rising costs
TALLAHASSEE – Condominium owners shouldn't expect financial "bailouts" to help cover increased costs as condo associations work to comply with state laws passed after the 2021 collapse of the Champlain Towers South building in Surfside, which killed 98 people, key lawmakers said Tuesday.
With the Legislature considering potential changes to condo laws, House Speaker Daniel Perez, R-Miami, and Rep. Vicki Lopez, R-Miami, made it clear that new proposals won't include direct financial assistance.
No taxpayer funds for private property
Perez compared condo ownership to private homeownership, saying the state won't use taxpayer money to cover costs that property owners are responsible for.
"I look at a condominium the same way I look at a residential home. It's private property," Perez said after a Florida Chamber of Commerce event in Tallahassee. "Bailing them out with taxpayer dollars is not something that I'm open to."
Lopez, who is chairwoman of the House State Administration Budget Subcommittee, reinforced that stance.
"The Legislature is not in the business of bailing condo owners out, especially when they haven't done what they should have done over the years," she told the Chamber of Commerce audience.
Surfside-inspired laws drive rising costs
Following the Surfside disaster, Florida passed laws requiring milestone inspections for older buildings and structural integrity reserve studies to ensure condo associations have enough funds for major repairs. Any significant structural deterioration must be further inspected.
These laws, first enacted in 2022 and adjusted in 2023, have led to hefty assessments for condo owners and added financial pressure amid rising property insurance costs.
Future legislative changes still unclear
While Perez and Lopez ruled out direct financial aid, Senate President Ben Albritton, R-Wauchula, suggested that lawmakers are still exploring ways to help condo owners.
"You never know when a new idea gets better than the last idea," Albritton said. "And what I would say to you is that we're searching for those ideas right now."
With the 2025 legislative session beginning on March 4, condo owners will be watching closely to see what, if any, relief measures lawmakers propose.
