I found that there is no protection for shareholders from corrupt and self serving board members in housing cooperatives. A handbook informing shareholders of laws pertaining to what is involved as a shareholder in a cooperative should be printed. Who is overseeing the shareholders once they purchase their apartments as their first homes? Shareholders have become so detached from their purchases because they feel no one cares to hear them out. The bylaws, prospectus from the conversion in most cases have not been revised to today's standards. Many boards use outdated laws to their advantage to argue and get over on shareholders when problems arise. More organizations should be formulated to engage shareholders in housing cooperatives. This magazine is a big help in many ways but most shareholders are not acquainted with it. We need more resources to educate us. Thank you ever so kindly!> Join the conversation Comments (1)
Our Co Op has sold record sales for apts. I find this crazy because these people that paid $750,000 to 1.1 million can not sell if they out grow 1 large bedroom or 2 bedrooms. Why? The flip tax is 4% broker fees are 4 1/2 to 6% for these share holders who want to sell in a few years they need to raise the cost to $900,000 to pay out 10%. The problem with lowering the flip tax is 98% of board members will never want to sell, they are here to stay. The new buyers are young and some with small children. Our area was hot but now Kennsington is selling apt.s for $350,000 to $425,000 some have no flip tax others have 1% and others buyer pays $1,500. I would like to have a share holder vote to lower the flip tax. We have great financials with well over 2 million in reserve. We have been very lucky with no bankruptcy or foreclosures. No one can predict what 2018 will bring. We have other share holders that brought this up but the board president changes the subject. Any suggestions? Thank you> Join the conversation Comments (2)
I sat down with Ed Mackoul from Mackoul & Associates (a local NYC Insurance Broker) to talk about something that is coming up frequently; gas leaks - and insurance coverage.
For anyone interested: https://www.youtube.com/watch?v=lepKFxbG4Jc&t=2s
Also, my full channel with about 60 videos can be found at www.youtube.com/excelbradshaw
After 7 years my CoOp raised the garage rental 3% which is $2.40 total monthly garage rent is $82.40 The building can only have 36 spots available out of 150 families. The reason for this very low rental is because 5 out of 9 on the board has spots. This a quorum so for all these years they have not raised the garage until now. Why? To shut up the majority in the building thinking we all are idiots thinking that we all don't take this as an insult. The waiting list is about 12/15 years to be in the garage. These 36 renters feel we who are waiting or some who don't even drive are subsidizing the garage. So every year they raise the share holders maintenance to 3% and takes an assessment of 9.45% or $115,000. But they are a bunch of idiots because they get a raise also. To try to change this board is to vote out the quorum. In the mean time how do all 119 share holders try to have them raise this rental to market value? Monthly passes on the MTA is over $180 a month.> Join the conversation Comments (2)
For those living in a co-op apartment, is your building management company transparent to all shareholders about what your superintendent or handyman's hourly billing rate will be if the the management company chooses to have them complete an emergency repair job in your apartment?
I am having a great deal of difficulty obtaining a proper itemized invoice for time-sensitive work that was completed in my apartment by my super and my managing agent continues to brush me off like I am asking for something out of the ordinary by requesting more detail on the super's invoice, i.e. super's hourly work rate, cost of materials used.
Hi, the gas to my building has been shut off by Con Edison for a week now. The management company has not given the reason for this to their tenants and give no estimate for length of time to repair. Their statement seemed to blame Con Edison for the gas shutdown. I contacted Con Edison and they informed me that there was a gas leak detected in the building and that the gas was subsequently shut off. Con Edison also informed me that it is the building's responsibility to fix this and it is at their discretion as to how quickly this is done. However, the management company admits nothing and it quite argumentative about it and has not offered anything to it's tenants (considered a luxury building) other than an electric stove top. I think that the tenants deserve rent abatement and honesty about the situation. An educated suggestion(s) for me would be most appreciated. Thanks.> Join the conversation Comments (2)
I recently rented and moved into a 100+ unit condominium building with my 10lb service dog. I provided the HOA and board members with her documentation as well as medical documentation stating the need for the service animal. My concern is the HOA has a rule that all service animals must be CARRIED in- and out of the property. Last week, due to this strange request and while carrying my Pomeranian, I slipped and feel outside of the condo in the rain- landing on the dog in a puddle of mud, and injuring my wrist and shoulder. The following day I was too sore to lift and carry the dog while riding the elevator down; once the lobby doors opened I was instantly screamed at by one of the residents. I am having a very hard time finding a law in the ADA.gov that states a HOA can impose such a rule- There has been nothing but rude remarks, unpleasant stares and overall rudeness by other resident sin this building- please note this was the first and only time she was not carried in/out of the building. I am tried of the harassment and frankly feel very uncomfortable living here. Is there anyone who can give me some advise or send me in the right direction? I've been calling lawyers all day and cannot find anyone who handles this kind of ADA discrimination...thank you!> Join the conversation Comments (1)
Our Treasurer has her condo up for sale. Our community needs many repairs but we don't take in enough dues to pay for any repairs. We want to raise dues $30 per month and get the repairs done over a 5 year period. The Treasurer wants an assessment of $1500 because she thinks a dues increase would affect her sale. This seems like some kind of conflict of interest and we all think she should recuse herself from voting since her interests lie in the sale of her condo not the interests of the community. There is nothing in our bylaws about this. A $1500 assessment would place a hardship on many owners. Opinions please. Thank you.> Join the conversation Comments (3)
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