In the wake of hurricanes Helene and Milton, Florida’s housing crisis has continued to intensify — and may have reached a boiling point. These devastating natural disasters are increasing property insurance costs and upkeep on older buildings. As our state grapples with a surge in property damage and a fragile condo market, both the immediate and long-term impacts of these storms underscore the need for decisive action.
Florida has long been a magnet for retirees and transplants seeking affordable living, particularly in condominium communities. Yet, in recent years, the landscape has shifted dramatically. The state’s older condo buildings, many constructed during Florida’s real estate booms decades ago, now face structural issues exacerbated by hurricanes and new safety regulations.
This has placed an enormous financial burden on condo owners, many of whom are elderly and on fixed incomes, as they struggle to keep up with rising assessments and costly repairs. In particular, the Surfside condo collapse in 2021 led to stricter inspection and safety standards for older buildings. These requirements, while necessary, have translated into steep assessments for repairs and current code compliance.
In some cases, these costs have reached tens of thousands of dollars per unit, forcing many long-term residents to sell their homes or move. This is especially true in communities like Century Village, where older residents are being priced out of their homes due to new financia.