5 thoughts on “Are Co-Op Owners Entitled to ‘Windfall’ Profits?

  1. Interesting cover photo: The original Co-op City residents were enticed from their rent-controlled apartments to stay within the NYC limits rather that White Flight out to suburbia by an unreasonably low estimated mortgage that was revealed to be triple the estimate (leading to the mid-1970s rent strike). That was a broken promise in addition to what seems to be on the verge of being a second broken promise, that as you said had a time horizon.
    Suppose if instead of their equity payment, someone had used that cash for a down-payment on an unemcumbered single family home or a condominium unit, and had used the same monthly carrying charge for costs and maintenance, and whatever was left for amortization? What would their “windfall” profit be?

  2. How about someone go after the billionaires that steal from the taxpayers with back room deals and loopholes a plenty. Real dollars from the 1%, not the working class that helped rebuild a neighbor so that the new developers avoid taxes.

    95% Property Tax Break Paid for by You, Enjoyed by Billionaires

    http://www.wnyc.org/story/years-95-property-tax-break-paid-you-enjoyed-billionaires/?utm_content=buffer9c0be&utm_medium=social&utm_source=facebook&utm_campaign=wnyc-facebook

  3. Moelis Institute for Affordable Housing Policy- bahhaaaaa. Ron Moelis REBNY member, who is buying NYCHA housing, who benefits from tax breaks, but leaves residents with shoddy built housing.

  4. The law permits the conversion to a private co op. Talk about the politics of affordable housing in irrelevant

  5. I know many people who make great salaries that have lived in the subsidized Southbridge Towers for years. it’s a scam. These people get their families in and occupy at least 6 subsidized apartments. Then when it privatized they reaped the benefits from taxpayers. How can this happen?

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