HABITAT
Luxury Condo Unit-Owners Benefitting from 421-a Tax Break
March 31, 2022
Tax break designed to spur affordable housing is a boon to developers and the rich.
Recent news affecting co-op / condo buyers, sellers, boards and residents. This week: Seriously? Mark Andermanis, board president of the subsidized Mitchell-Lama co-op East Midtown Plaza, jumps ahead of others to score a four-bedroom apartment — reserved for families of six, which, additionally, he does not have — and when he won't budge, an alert shareholder sues him. But he gets to keep the primo place because the shareholder doesn't have standing to sue ... and while the co-op board, perhaps, could, here's the thing: He's the co-op board president! Does this sound proper or right to anyone ethical? The good guys do win one, though, when a developer who refused to fix a Long Island condominium complex is permanently barred from selling condos. That's something, at least.
And then there's another reason for condo and co/op boards to be wary of Airbnb....
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