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Paradox of Affordable Homeownership In NYC

As a co-op or condo owner in affordable housing, Are you more interested in preserving affordable homeownership or substantially increasing your net worth? Therein lies the paradox. How you answer this question will have significant ramifications on the affordable homeownership stock in NYC. There is no moral judgment implied in your answer to this question. But your answer will determine where you stand in the grand debate going on in the affordable housing community in NYC.

Single Most Important Tool for How HDFCs Can Stay On Track

What is the most important tool for keeping a co-op or condo on track throughout the year? In my view a well thought out budget is the single most important tool for keeping a co-op or condo on track during the year. If each line item is properly vetted, a budget announces to your stakeholders the Board priorities for the year. While most items are fixed, such as heating, water & sewer, electric, etc, the discretionary items signal what the Board considers to be the most impo

Not So Fast! Take Your Hands Off My HDFC Co-op!

Arguably, there are at least two legal theories and one administrative theory that could defeat HPD's attempt to reregulate HDFC's. First, breach of contract. Second, HPD's proposed action violates the Fourteenth Amendment of the U.S. Constitution. It reads it part, "No State shall deprive any person of life, liberty, or property, without due process of law." On the administrative side, it could be argued that HPD's proposed action is "arbitrary and capricious" and is an abus

Developing a Communications Strategy

1. Adopt a set of policies relating to the governance of the co-op or condo, e.g. sales, subleases, amendments to by-laws and building finances, including a capital expenditure plan. 2. Hold information meetings over several months to explain new policies and procedures to shareholders. 3. Designate one Board member or Managing Agent to communicate ongoing decisions and proposed actions to shareholders and interested parties who are not shareholders. Stop the side-bar c

Ten Guidelines for Conducting the Affairs of a Co-op or Condo

Guideline #1. Do not adopt a policy or decision until you can individually and collectively answer the following question: Do I/We understand the ramifications of this decision or policy? Guideline #2. All Board deliberations are confidential. Guideline #3. A Board should speak with One voice. You risk abdicating your collective responsibility when you allow one member to convey his/her position, unilaterally to the management company as if he/she is speaking for the entire B

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