The Promise and Challenges of Co-ops in a Hot Real Estate Market
24 September 2005 - 1:00pm
Limited-equity cooperatives have become a bulwark against a raging real estate market in midtown Manhattan, thanks to residents’ commitment to work together.
In the 1970s and 1980s, Clinton residents responded to landlord abandonment of rental housing units by converting them to limited equity cooperatives. Today affordable housing opportunities in the area have almost evaporated, leaving the cooperatives as lone holdouts in an increasingly overheated housing market.
Source:
Shelterforce Magazine, September 23, 2005
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No matter how one wanted to organize the ideal city, housing security would be part of it. No community can function effectively if large numbers of its residents are regularly displaced or perpetually at risk of being displaced.
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