Down with co-ops
Apr 27, 2016 | 11265 views | 0 0 comments | 554 554 recommendations | email to a friend | print
Dear Editor,

A recent StreetEasy analysis of all types of rentals has shown that the median rent-to-income ratio averaged 65.2 percent in New York City in 2016.

Although lagging income growth contributes to rent affordability, the problem is the depletion of rent-stabilized apartments due to cooperatives, which have abolished a large population of rental units from the 1980's onward.

Renters in non-eviction conversions became undesirables from the perspective of co-op shareholders, who, aside from sponsors or investors, inflated the petty bourgeoisie.

Every city block became flooded with presidents of co-op boards, and the board, albeit elected, functioned as a Fascist political entity with a disfranchisement of citizens from state rent-stabilization protections.

Some landlords converted their buildings to co-ops, then bought back the units, only to rent them as sublets, immune from rent-stabilization guidelines and rent increase limitations. Likewise, shareholders capitalized by subletting their units.

Co-ops are the bane of NYC, and should be swiftly abolished.

Joseph N. Manago


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