11/10/2024
When the dream of property ownership turns into a nightmare: Lessons from Florida for Quebec
The collapse of the Champlain Towers South in Surfside, Florida, on the night of June 24, 2021, tragically highlighted the importance of maintaining co-owned buildings and the necessity of enacting strict laws on contingency fund capitalization. This disaster, which claimed 98 lives, prompted Florida to adopt SB 4-D, a law that mandates inspections and the establishment of contingency funds for buildings over 30 years old. This legislation aims to prevent future catastrophes by ensuring rigorous monitoring of building conditions, thus protecting both the safety of residents and the longevity of real estate investments.
However, this new legislation imposes significant financial contributions on co-owners. These costs threaten to push some, like retirees Howard and Sheila Konetz, to the brink of bankruptcy, a situation thoroughly explained in the reference article linked to this news....