Abolish Co-ops
May 03, 2017 | 3129 views | 0 0 comments | 278 278 recommendations | email to a friend | print
Dear Editor,

The primary loss of the affordable housing stock in 153,000 rent-stabilized apartments from 1994-2012 in Ne York City has been due to co-op conversions, whereby the petty bourgeoisie become shareholders and real estate investors buy huge swaths of co-op apartments to sublet at market rates.

Solution? No new co-op sales permitted by the State of New York, since the co-op program, fostered by former Attorney General Robert Abrams, was just a scam by landlords to capitalize on their old apartments in view of the law of diminishing returns.

Second, all present co-ops, when on the market, must be bought by the City of New York and converted back to rent-stabilized, publicly owned housing.

Third, all entrepreneurs who bought large numbers of co-ops just to sublet at exploitative market rates, should have their properties seized by the City of New York and converted to rent-stabilized units.

Fourth, the Rent Stabilization Association of landlords should be abolished, with the Rent Guidelines Board acting independently of landlord-skewed interests.

Tenants unite, you have nothing to lose but your chains

Sincerely,

Joseph N. Manago

Flushing

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