Florida lawmakers are considering closing a legal loophole that allowed real-estate investors to force some condominium owners to sell their units for less than they paid for them.
Bills in Florida’s House and Senate seek to force bulk buyers of condo complexes to pay more for the holdout properties needed to complete a transaction and convert complexes to apartments. Under Florida law, a complex’s condo status can be terminated under certain circumstances, where a bulk buyer is then allowed to forcibly buy out any holdouts.