This is going to get interesting:
“By some estimates, there are more than 1.5 million residential condominium units in Florida, and many of them are aging. In June 2021,the Champlain Towers South, a residential high rise in Surfside, Fla., collapsed and left 98 dead. State lawmakers subsequently passed a bill that required condominium and cooperative associations to re-evaluate their structures by the end of 2024 and have funds in reserve for upgrades.
Florida’s two recent hurricanes had reinforced the need for the legislation, said Greg Main-Baillie, a Florida-based construction and development expert with the investment management company Colliers.
The fragility of Daytona Beach Shores’ buildings, he added, proved an uncomfortable truth: It is going to become much more expensive to live in beachside apartments in Florida. Though the upgrades are sorely needed, those expenses will likely be prohibitive for some current residents, Mr. Main-Baillie said.
“If I own a condo, I know within the next 18 to 24 months, my condo fees are going to double — for sure,” he said. Florida, Mr. Main-Baillie added, has “hundreds if not thousands of buildings that are affected directly by the climate change and the elevation of sea level.””