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2 year ruleAug 29, 2007


yes, it is legal to restrict renting until after a resident has lived in the unit for two years, as long as this is in the coop bylaws.

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Not in the co-op bylaws - AdC Aug 30, 2007


The PL may say that you can rent (sublet) units, but it is up to the board to look after the wellbeing of the co-op; consequently, the sublet policy is redacted to protect the interests of the shareholders. If Steve says that 70% of occupied units is seen as a good measure for providing financing to a potential buyer, then a good board shall make the sublet policy in such a way to ensure than no more than 30% of the units are rented at one time. If your co-op is less than the "magic" number prescribed by the policy and 2-year is the total number of years that you can rent under the policy, speak "hardship" if there is one OR the reasons why you may want to exceed the 2-year.

Again, "ASK AND YOU MAY RECEIVE". In other words, if you do not try, you may not get an exception if one can be given under specific circumstances.

AdC

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