Florida’s condominium market has been under intense strain since the state’s post-Surfside reforms brought sweeping changes to building safety laws. Now, with the signing of House Bill 913 by Governor Ron DeSantis on June 18, relief is on the horizon—but uncertainty still looms. The law, which takes effect July 1, 2025, seeks to address the crushing financial burden placed on condo owners by the earlier mandates while preserving critical safety requirements. Will it be enough to stabilize the market?

The Crisis: Skyrocketing Fees and Market Instability

After the 2021 collapse of Champlain Towers South in Surfside killed 98 people, Florida lawmakers responded with SB 4-D, requiring structural integrity reserve studies (SIRS), milestone inspections, and fully funded reserves for all condos over 30 years old and three stories or taller. While well-intentioned, the costs of compliance caused HOA fees and special assessments to spike, pricing many residents out of their homes.

Owners of older buildings—often retirees and middle-income families—faced $500 to $1,000 monthly fee hikes, declining property values, and a frozen market as cautious buyers looked elsewhere. The once-reliable Florida condo market began hemorrhaging confidence, with experts warning of a looming “financial collapse of associations.”

HB 913: Key Provisions and Market Impacts

HB 913, championed by Sen. Jennifer Bradley (R-Fleming Island) introduces a number of regulatory and financial reforms designed to prevent displacement while maintaining safety standards:

Financial Flexibility

• Delays deadlines for reserve studies and inspections for certain associations.

• Allows special assessments, credit lines, and loans to fund reserves, reducing the need for large immediate cash contributions from owners.

• Permits associations to pool reserve accounts and invest funds in CDs without unit owner votes.

• Raises the reserve budgeting threshold from $10,000 to $25,000, easing funding targets.

Structural Safety Reforms

• Refines inspection requirements to only include three habitable stories or more, not just “three stories.”

• Exempts small nonresidential associations from board election restrictions.

• Requires associations to report inspection, permit, and safety data to the state annually, adding accountability.

Governance and Transparency

• Mandates online accounts with the Division of Condos for easier tracking of fees, inspections, and compliance.

• Introduces licensing reforms for community association managers and bans unethical ties between inspectors and contractors.

• Requires electronic meeting options, clear financial disclosures, and mobile-accessible document portals.

Potential Market Impacts

Price Relief for Aging Buildings

By creating mechanisms for associations to finance reserves without immediately burdening unit owners, HB 913 could slow or reverse the fee spikes plaguing aging buildings. This may improve affordability and stabilize demand for units in older structures that had become difficult to sell.

Encouragement for Redevelopment

While HB 913 offers short-term relief, many buildings remain financially unsustainable in the long term. The measure may slow, but not stop, the trend toward bulk condo buyouts and redevelopment—especially in coastal and high-value areas where land is worth more than the structures atop it.

Better Protections for Unit Owners

New rules around inspections, manager licensing, and financial transparency should help prevent mismanagement, which has long plagued some associations. These protections could restore confidence among buyers who were previously wary of stepping into older buildings with murky finances.

What’s Next?

While HB 913 brings needed breathing room, the road ahead remains difficult:

• Older, underfunded buildings still face structural issues that cannot be postponed indefinitely.

• Insurance premiums and hurricane risk continue to put upward pressure on housing costs.

• Investor interest may focus more on teardown and redevelopment than preservation, accelerating demographic shifts in longtime communities.

For now, condo owners across Florida have reason to hope that they won’t be forced from their homes by unmanageable fees. But developers, buyers, and policymakers will need to remain agile as this once-booming segment of the housing market rebuilds trust, one inspection and budget at a time.

The Bottom Line is that HB 913 may not solve all the problems facing Florida’s condo market—but it’s a significant step in balancing safety, affordability, and accountability. Whether this measure succeeds in stabilizing the market or merely buys time for broader restructuring remains to be seen.