Mitchell-Lama Co-op Southbridge Towers Votes To Go Market-Rate

Oct. 7, 2014 — Updated Oct. 10, 2014 — Another limited-equity Mitchell-Lama co-op has taken its first major step toward converting to market-rate. As DNAInfo.com reports, a two-thirds majority vote of shareholders at the more than 1,600-unit Southbridge Towers in the Financial District has voted for privatization — meaning a windfall for those who paid paid $10,000 or less for an apartment bought with the understanding that in exchange for that pittance the next hardworking New Yorker needing an affordable home would have one when the current resident left. It's not quite a done deal: Two-thirds of the shareholders still have to sign an "opt-in agreement" to stay as an owner, or else opt-out to become a renter.