The collapse of Champlain Towers South nearly five years ago caused the deaths of 98 people and injured 11 others. The state Legislature responded by adopting a law designed to prevent another such tragedy from ever occurring.

But those same laws have created a financial crisis in Florida and Palm Beach County.

The Palm Beach Post has written extensively on the topic, which has generated significant interest and concern for many condo owners in South Florida.

The bill that led to the problems in 2022, Senate Bill 4D, created new standards for condo buildings three stories or higher. It has left many Floridians wrestling with the option of paying significant association fees, selling their unit or going into foreclosure.

The Post will discuss the new law in detail during a Town Hall meeting April 16 called "The Condo Crisis." A panel of industry experts will discuss the issue and answer your questions. The forum will be from 6-8:30 p.m. in The Press Lounge at The Post's headquarters at 2751 S. Dixie Highway, West Palm Beach.

Here are five key things to know about the current situation:

Florida's condo crisis: What does the law say?

The law passed by the Legislature now calls for periodic safety inspections of condo buildings three stories or higher. An initial one is supposed to identify whether there are structural issues that must be addressed following a much more intrusive Phase 2 inspection if the initial inspection says a Phase 2 is needed. Condo buildings impacted by the new law were supposed to file reports by Dec. 31. Many have not.

Florida's condo crisis: What is a Structural Integrity Reserve Study?

A structural integrity reserve study or “SIRS” is supposed to ensure that money is set aside for future repairs and replacement of condominium property. Surfside had failed to do that. Studies showed that there were structural issues with the the basement of a parking garage under the pool deck that needed to be repaired. The association approved $15 million in repairs before the collapse, but the main structural work had not started before the building fell apart.

Florida's condo crisis: Is there another Surfside out there?

What have engineers discovered? Just how many buildings are out there that could be the next Chaplain Towers? That’s difficult to say because statewide data has yet been released. But information recently released by the Palm Beach County Building Division indicates there is cause for concern.

Florida's condo crisis: What have Palm Beach County officials discovered?

• Thirty-six building condo associations have failed even to respond to repeated requests for Phase 1 inspection reports, which means county officials have no idea whether it is safe to live in those buildings.

• Twenty-nine building associations must do a more intrusive Phase 2 inspection. All of them have failed to respond to county requests for the status of those inspections.

• Fifty-six building associations have either had their Phase 1 inspection reports returned for more information, or their initial reports were so lacking in detail they were denied outright.

Those 121 buildings in Palm Beach County house thousands of residents. County commissioners have instructed the Building Division to begin fining those condo associations not complying with the law.

Florida's condo crisis: How many condo units are there in Florida and how many people live in them?

Statewide, there are more than 25,000 condominium buildings with more than half of them in the South Florida counties of Palm Beach, Broward and Miami-Dade. More than 1.5 million people live in those 25,000 condominium buildings. Not all of them are under the jurisdiction of the new law.

The result of the new law has forced many retirees on pensions or fixed incomes to sell, and prices in affected buildings have significantly fallen. Potential buyers are avoiding older buildings because of the high assessments. Meanwhile, insurance premiums are soaring.