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(Hollywood, FL) -- A state lawmaker has some bad news for condo owners - 'there's no state bailout coming.'
Hollywood State Senator Jason Pizzo shocked Wednesday's crowd at Broward Housing Council’s “2024 Affordable Housing Workshop: Condo Reform,” which was called to address concerns condo owners have about high assessment fees.
He told his constituents he understands their predicament, but lawmakers voted unanimously to pass the onerous safety legislation following the catastrophic collapse of the Champlain Towers condominium building in Surfside in 2021.
A lot of owners, especially seniors, said they can't afford to pay the assessments, and the reserve requirements are also making it hard to find someone who wants to buy their units.
As a result, inventory of condos and townhomes on the market across Florida has increased 91.9% in the second quarter of 2024 compared with the year prior, according to data provided by the Florida Realtors Association.