Florida’s new condominium laws might present an opportunity for developers looking to buy up older, poorly maintained buildings to replace them with modern luxury towers. The new laws, inadvertently, could also put South Florida’s last vestiges of affordable housing at risk — and state lawmakers and local officials must be aware and prepare for that scenario. The reforms passed after the 2021 Surfside building collapse are meant to ensure that condo associations stay on top of maintenance by not allowing them to waive financial reserves and requiring inspections and reserve studies to find out how much they need to set aside for repairs.
That was necessary to prevent another tragedy, but the requirements clash with the reality that South Florida’s condo inventory skews older and fixing some of those buildings may be too expensive for residents. Miami-Dade needs that a household of four earning up to $82,560 could afford to rent, according to a 2023 study by the nonprofit Miami Homes for All. Older condos — a components of what’s officially labeled “naturally occurring affordable housing — have helped prevent South Florida’s housing crisis from being even worse, providing homes for retirees and working-and-middle-class families left with few options thanks to skyrocketing rents and home values — the focus of the Herald Editorial Board’s series Shrinking Middle.
Many of those residents are renters with little to no safety net. If they are displaced, South .
