Legislative fix for FL condo takeovers?
guest blog by Deborah Goonan
In 2007, Florida passed a law that has been dubbed “Eminent Domain for Condos.” The law allows for 80% of voting interests to approve a plan to terminate the condo association for the purposes of redevelopment, as long as no more than 10% of voting interests object to the plan.
At the time the law was passed, the stated intent was to make it easier for owners of hurricane damaged or functionally obsolete condos to sell their ailing building to investors who would then redevelop on valuable land.