I live in a fully mutual housing cooperative; we each own a share in the 'corporate' body that owns the land we live on. It does not exist to extract or "make"

I live in a fully mutual housing cooperative; we each own a share in the 'corporate' body that owns the land we live on. It does not exist to extract or "make" money from us: it exists to receive and hold our collective rent (at rates which we set) and apply it as we see fit (on improvements, on other cooperatives requiring seed capital, and eventually, on renewing our lease from the council), to shield us from individual liability (e.g. in occupier's negligence), and to be a single voice or party in dealings (or even legal proceedings) with outside entities or individual members. Forming one enables our internal democracy to work, and protects and promotes out individual interests (especially in shielding us from personal liability). I disagree it would be absurd; I agree you shouldn't need to form or join one; but it helps.