Investors that swooped in on South Florida’s multifamily boom now face elevated interest rates, high insurance costs and plateauing rents. Compounding the problems are inflation, which has prompted rent delinquencies, and a hefty development pipeline that’s slightly tempered demand, prompted concessions and led rents to plateau or slightly decline in some submarkets.
Senate Bill 1526 strips local municipalities of their authority to ban, restrict or prevent the demolition of “nonconforming” and unsafe structures. The exceptions are for buildings individually placed on the National Register of Historic Places, contributing structures within a historic district listed in the National Register before 2000, and single-family homes.
A Broward County Commissioner has proposed a plan to lower homeowners insurance by cutting reinsurance costs and the proposal is garnering attention across the state.
Is Lower Reinsurance The Key To Lower Homeowners Insurance? Read More »
