This question is submitted by June S. out of Cape Coral, FL
Our annual condo meeting was held earlier this week. One of the proxy voting items was to reduce the number of rental units down to 25%.
Our Association has 132 units.
The explanation of changes was clearly shown in the proxy voting document. However, after the vote passed - the Board advised us that owners who voted YES and had rental units would not be able to rent their unit to new tenants after the current lease expired. They would, however, be able to continue to rent to existing tenants - but that no leases would be approved for them for any new tenants.
On the other hadn't, owners that voted NO - would be protected and grandfathered in and their units would be able to remain rentals.
Any future units that are/would be sold would only be available any full time residents or snowbirds who understood they would not be able to rent their unit.
None of this was made clear prior to the vote and as you can imagine, some owners are very upset at these new stipulations. The annual meeting was not adjourned / but rather left open for later discussion - consultation with the attorney and owners were advised and a new annual meeting would be scheduled.
Thoughts?
