Reply to North Dakota Ballot Measure to get rid of Property Tax

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]In NYC there is even something more cool. In Soho and Tribeca there is a handful of small older coop buildings where coop owns the first floor rental commercial property space.

The rental income is so high the building pays no monthly maint charges and in fact some get rebates every year. A coop includes, property taxes, heat, hot water, gas so those people only pay the electric bill each month.

They now sell for a lot but older people who bought have been free riding for 30-50 years

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Yeah, but at least that's the market at work.  Obviously one very clear benefit of the Co-op vs. the Condo structure (where in the Condo scenario the developer would still own the retail space and not share that with the Condo owners).[/quote]

And one disadvantage of a coop---you have to follow all the rules that 6-8 older "owners" sit around and come up with.  You get told who can sublet your place or not.  You even have to get approval for your 25 yo kid to live there instead of you (and sometimes they say no).  I'll take a condo any day.

[/quote]

Well, yeah. We want to control who lives in our building. We sold the shares to YOU, not your kid. Your condo can turn into an AirBNB flophouse.[/quote]

A good condo building will not allow that to happen.  I cannot rent my condo out for less than a 6 month rental, it's part of the HOA rules.  Also, most condo buildings in our city have limits on the percentage of units that can be renters.  That helps ensure enough owners actually live in the building and still care about day to day life.

And yes, if I own a 1 bedroom in any city (NYC, Chicago, SF, or elsewhere), I'd like to be able to have my own 25yo professional kid live there if they work in that city.  I refuse to own a place where my kid would need to sit for an interview.  Or really anywhere that I NEED to sit for an interview and provide references before I can be approved for "purchase".

I should not need to get approval for that.  Hence why I don't own a coop, because I want to actually own my unit and renovate it as I see fit (within the basic rules of the HOA---such as flooring must meet noise reduction requirements).  [/quote]

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