by Karl Denninger
Market-Ticker.org
Oh this has got people upset….
Last May, Florida Gov. Ron DeSantis passed legislation mandating emergency reserve funds for condominiums statewide after the tragic collapse of the 12-story Champlain Towers South in Surfside.
Well actually DeSantis signed legislation — the Legislature passed it.
The bill provides a statutory requirement for condo boards to maintain reserves for structure inspections and a good chunk of potential repairs that might be needed, with the inspections starting after a given period of time post-constructing and continuing to make sure that there isn’t another Surfside collapse.