Much hoopla, effort and expense (our money) went into a recent effort to change BCC's documentation. Changes were sought to lower approval of future documentation changes to 60% rather than the existing 75% of owners and also to restrict rentals. All rational BCC owners predicted that the votes were unobtainable and the vote was a waste of time and money.
Then, shock and horror, it was alleged that rigging the vote was suggested This worked very nicely with our recent Board election, but the pre-vote publication of possible rigging put the kibosh (temporarily) on Document changes.
As far as rental restrictions are concerned, Becker & Poliakoff, the most prestigious condo law firm in Florida, recently published an article on the subject in their blog. http://www.floridacondohoalawblog.com/ BCC owners should find it of interest. The following is quoted verbatim (excepting stress and highlighting by your blogger):
"Rental Caps In
Condominiums Are Hard To Enforce
By Joseph Adams on
February 2Oth, 2014
Question:
Over half the units in
our condominium, which was an apartment complex prior to conversion several
years ago, are tenant occupied. Those who own property typically treat it with
more respect than those who are renting. We
have found that tenants overtax our recreational facilities, do not control
their pets and generally disrespect the peace and quiet of our community. The
majority of our violations are related to tenant-occupied units. Is there any
law prohibiting such high rental rates in a condominium setting? If not, can
our condominium documents be amended
to place a cap on rentals? J.M. (via e-mail)
Answer: With the glut of foreclosures and bank-owned
properties being placed on the market at rock bottom prices over the past
several years, it is not uncommon to see investors taking advantage of bargain
prices. Some investors hold
on to the property in the hopes that the real estate market will continue to
improve as it has been over the past couple
of years. In the interim, they often rent out the property to generate a return
on their investment and help with carrying costs. There are other
investors that buy for the sole purpose of holding on to the units and generating rental income.
I am aware
of no law that limits the number of permissible rentals. It is however, often
hard to find conventional mortgage financing
in condominiums with high rental percentages. The declaration of condominium
can be amended to impose a cap on
rentals. As noted in previous columns, I am not a big fan of rental caps
because they are difficult to enforce. One reason is this, the Florida
Condominium Act specifically provides that amendments prohibiting unit owners
from renting their units, altering the duration of the rental term, or
specifying or limiting the number of times unit
owners are entitled to rent their units during a specified period applies only
to unit owners who consent to the amendment and unit owners who acquire
title to their units after the effective date of that amendment. A rental cap
would have the effect of prohibiting some owners from renting their units if
the limit has been
reached. Accordingly, unless the amendment is approved unanimously, it will
only apply to those who vote in favor of the
amendment or take title after the amendment is recorded in the public records."
