FLORIDA – Florida law lets investors force out condo owners at a loss

Naples Daily News:  Florida law lets investors force out condo owners at a loss
By James L. Rosica
September 8, 2014

TALLAHASSEE — Condo owners say a 7-year-old change in state law now is forcing them from their homes as investors convert their buildings into rentals.

The Florida Condominium Act once required agreement from all owners before a condominium pact could be dissolved. In 2007, lawmakers lowered that threshold to 80 percent — even after then-Gov. Jeb Bush vetoed the change a year before.

The change was approved by the first-year governor at the time, Charlie Crist, then a Republican and now the Democrat challenging incumbent GOP Gov. Rick Scott this year.

Now, some condo owners say they’re being pressured to sell as investment groups slowly take over whole complexes, often by snapping up foreclosed units. Their goal is to sell the properties at a profit.  Read more:

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