Abolish co-ops
Aug 07, 2019 | 978 views | 0 0 comments | 107 107 recommendations | email to a friend | print
Dear Editor,

In Manhattan, 75 percent of the apartment inventory is housing cooperatives, which serve to deplete the affordable rental inventory, as well as promote other social

disharmony.

I think the solution to the housing availability and affordability crises is to abolish housing cooperatives in the State of New York.

The co-op agenda during the 1980's stemmed from landlords' decision

to respond to the economic law of diminishing returns due to stringent

rent regulation laws and maintenance costs.

Cooperative apartments, distinct from actual ownership in condos, are mere shares in property owned by the cooperative building and subject to a Board, democratically elected (theoretically), but generally fascist in operation, disenfranchising owners from tenant rights and other rent regulation laws.

Most cooperative buildings are essentially old tenements. Some are even still managed by the landlord/sponsors or other management corporations interlocking with the landlord-sponsor, some even subverting the democratic process of

shareholder elections.

Sincerely,

Joseph Manago

Briarwood
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