The collapse of Champlain Towers South in Surfside led the Florida legislature to enact Senate Bill 4-D in the hopes of ensuring public safety and better regulating its previous unsatisfactory building code. While the implementation of this new bill is well intentioned and much needed, it carries with it impactful consequences on consumers.
Senate Bill 4-D comes alive during a time when the real estate market in South Florida is scorching. The new bill will continue to force consumers to reach into their savings and pay tens of thousands of dollars, if not more, to improve the structural integrity of their condominiums and replenish many years of disappointing reserves. American consumers who are unable to afford the imposition of such hefty assessments must decide between abandoning their homes or drowning in debt, further fueling the housing affordability crisis.
To protect consumers from these implications, the Florida government must further intervene. Consumers need access to assistance that provides some relief on the financial burden attached to the enactment of this bill. Furthermore, there needs to be professional oversight on condominium associations. The purpose of enacting Senate Bill 4-D was to protect Floridians, but alone the bill cannot achieve its objective.
Condo Collapse Creates Consumer Collapse,
Loy. Consumer L. Rev.
Available at: https://lawecommons.luc.edu/lclr/vol35/iss3/4