Florida Law 718.117 gives condominium developers the power to force individual owners to sell their home at fire-sale prices, and the impact has been devastating. In a market where virtually every home is underwater, wealthy developers are taking our homes at massive discount, under the guise of “fair market value.”
As recently as 2007, before this law, it took the vote of 100% of unit owners to terminate a condominium association. But now, once a wealthy developer reacquires 80% of the assets, he can terminate the association and force everyone else to sell at the current, depressed value – well below the mortgage obligation.
Clearly Florida law 718.117 is a boon for big business interests. It has made it easier for developers to acquire condominium buildings and turn them into rentals. Meanwhile, mortgage-paying homeowners are in effect being evicted – we are given just 90 days to sell and vacate. We lose our home and are left with tens of thousands of dollars still owed to the lender.
As owners, it’s more than just losing our savings, but also the stability of our families and the safety of our children. With each forced sale that this unjust law allows, Florida families lose the American dream that each of us worked so long and sacrificed so much to achieve.
Does the U.S. Constitution no longer protect the right to private property? We think it does, and that is why we are demanding the repeal of Florida Law 718.117.
Will you stand with us to stop the wealthy developers from taking our homes?