Remember Florida’s recent legislative attempt to make condo owners “whole” in a forced termination and de-conversion to apartments? While this bill was pending in the FL state Legislature, and in the process of multiple amendments, I blogged several times that the end result would help only a small percentage of condo owners. Tampa Bay Times features one particular family with two young children that will not see much relief from the very weak, watered down law that was recently passed.
The fact that the “make whole” provision only applies to homesteaded condos is just one of many loopholes in the law that will allow bulk buying investors to get around the original intent. We will see more reports like this.
Will there be confidential settlements as a result of Arbitration? Probably, but the public won’t know what those settlements were, and the court will avoid its duty to rule on the Constitutionality of hostile condo takeovers and eminent domain for private gain rather than public purpose.
Read about one family’s nightmare at
HOA Reform Coalition / Tampa Bay Times
Source: FLORIDA – Tampa Bay couple in ‘awful situation’, forced to sell as condo converted to rental