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Co ops are just apartments whose land is owned by a corporation. The corporation usually has a perpetual interest only loan on the land. So when you buy a co op
by bko 8y ago
Co ops are just apartments whose land is owned by a corporation. The corporation usually has a perpetual interest only loan on the land. So when you buy a co op you are leasing the land and own a share in the apartment. You tend to give up options but no one really benefits. I don’t know other markets but condos in nyc are prob 30-50% more valuable in part due to these options. It’s cheaper but only because it’s objectively worse as anyone who had to deal with a co op board can attest. You can make things cheaper by making hem less valuable sure, but that’s just destroying value for no reason. Imagine you don’t like how expensive cars are so you make it so that you need a background check and waiting period to buy a car. Will new car prices go down? Probably, but that’s not a good thing
- quadrangle 8y agoA cohousing community done well can be a dramatically superior quality of life worth extra cost. https://www.youtube.com/watch?v=DmWrx0ntATU https://www.youtube.com/watch?v=DmWrx0ntATU
- asdfasgasdgasdg 8y agoThat's cool, but that's also not what a coop is, at least in the context of this thread.
- quadrangle 8y agoThe living arrangements in the video are absolutely co-ops. I'm not sure I get how the context is different, other than that there exists other mediocre (or worse) cohousing co-ops.
- cm2012 8y agoI live in a super well run coop in NYC, and it's cheap.
- zby 8y agoShouldn't it be cooperative instead of corporation?
- CPLX 8y ago“No one benefits” is not an accurate statement at all. The purpose of a coop is to be able to choose your neighbors in the building. The reasons for doing so could be indefensible, like keeping out blacks and Jews, or they could be things like ensuring the financial health of the building, blocking people who will engage in endless construction, or avoiding drama by excluding celebrities that draw paparazzi.