Florida hit by 'worst real estate crisis in decades'
www.dailymail.co.uk
Florida condo owners are slashing prices by up to 40 percent as they strive to dodge massive incoming repair costs on old buildings.
  • moistclump@lemmy.worldEnglish
    122·
    3 months ago

    Now DailyMail.com can reveal an estimated 360,000 property owners in south Florida alone - the home of the condo boom - may not be able to afford the repairs required by the new law.

    Could the law be phased in? I know maintenance needs to be funded but it takes time to build up those reserves.

    • Diplomjodler@lemmy.worldEnglish
      21·
      3 months ago

      Reserves should be built up from the day the building was first constructed. If owners fail to do that because of greed, they should face the consequences.

      • RestrictedAccount@lemmy.worldEnglish
        71·
        3 months ago

        The issue is that most of the owners that profited have sold and moved on years ago. Given that this is Florida, they are probably dead.

        • Diplomjodler@lemmy.worldEnglish
          11·
          3 months ago

          That doesn’t change anything about the responsibility of the current owners. If you own property you are responsible for the upkeep.