Florida condominium owners will soon get financial relief after Governor Ron DeSantis signed a major condo reform bill addressing skyrocketing HOA fees. The law, prompted by safety requirements after the 2021 Surfside collapse, aims to balance building safety with affordability as population and housing pressures mount.

Sweeping Bill Signed

Governor Ron DeSantis officially signed House Bill 913 into law on Wednesday, offering crucial relief for condo owners burdened by rising HOA fees. The legislation takes effect July 1, aiming to ease the financial strain caused by new safety regulations introduced after the 2021 Champlain Towers South collapse in Surfside, which killed 98 people.

Rising Costs After Surfside

In the wake of the deadly Surfside tragedy, Florida enacted strict safety laws for buildings over 30 years old and three stories tall. These laws mandated milestone inspections and substantial reserve funds for repairs, causing HOA fees to spike dramatically. “You had people that were going to be forced out of their condos potentially because of legislation that had come down the pipe,” DeSantis remarked at a May 20 event in Tampa.

What HB 913 Covers

HB 913 provides financial tools for condominium associations, allowing them to use lines of credit, loans, or special assessments to fund reserves, lessening the immediate financial burden on individual owners. The 191-page legislation includes additional provisions requiring:

• Condo managers are to create online licensure accounts with the Department of Business and Professional Regulation.
• Regular updates of management records and staff listings.
• Restrictions on revoked license holders from managing or owning stakes in community management firms for a specified period.

Lawmakers Push for Fair Process

State Senator Jennifer Bradley, who spearheaded the bill, highlighted that condo owners desperately sought a fairer, sustainable system. “This bill comes from a lot of listening to owners talk about how they know their building needs to be safe, but pleading that the process be fair and workable,” she stated during legislative debate.

Market Impact and Buyer Shift

Real estate professionals say rising HOA fees have already reshaped the condo market, particularly for older units. “Prospective buyers are more cautious now, often demanding structural inspection reports before making a purchase,” said Miltiadis Kastanis of Compass Development Marketing Group. He noted this shift has pushed demand toward newer, more expensive buildings, leaving older condos struggling to attract buyers.

Transparency and Accountability Measures

To prevent future disasters, HB 913 also tightens accountability rules for condo management firms and associations. The bill mandates clear, updated online records, identification of employed managers, and stricter oversight of firms led by individuals with revoked licenses.

Owners Hope for Quick Relief

Condo owners statewide are optimistic the new law will ease their financial strain without compromising safety. The rising costs had made older condos difficult to sell and left owners saddled with unaffordable HOA fees, sparking fears of displacement. Lawmakers had warned the crisis “could trigger the next wave of homeless people” if left unaddressed.