One more bit of trivia about co-ops: in most of America, owner-occupied shared housing is managed as condominiums, and co-ops are quite rare. In New York City (and this might be a primarily Manhattan phenomenon), I believe that co-ops are the norm and condos are the exception. A friend of mine was recently trying to buy in Manhattan and had a very hard time finding a condo. Most of the places she found for sale were co-ops.
I suspect part of the appeal of co-ops is that a new member needs the approval of the rest of the members to buy in. That makes it very easy to control who your neighbors are, at least within the building. It doesn't matter how much money a prospective buyer has; you can turn him down if he isn't "the right people."
![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
ninetydegrees
no subject
on 2006-11-03 03:20 pm (UTC)I suspect part of the appeal of co-ops is that a new member needs the approval of the rest of the members to buy in. That makes it very easy to control who your neighbors are, at least within the building. It doesn't matter how much money a prospective buyer has; you can turn him down if he isn't "the right people."