Support the Co-op legislation that was introduced by New York State Senator Kemp Hannon to provide transparency to the process of considering the sale of co-op units in New York State by establishing a timeline for co-op boards to act on applications.
Realtors, buyers and sellers alike are supporting this legislation to make the sale of co-ops fair and timely.
Co-ops are affordable housing which are owned and controlled by the residents. The word co-op is short for cooperative. The first true cooperative development was started in 1918 by a group of Finnish artisans – the Finnish Home Building Association in Brooklyn, New York. The early cooperatives were sold to high income people who wanted the advantages and economies of individual home ownership without all of the responsibilities. Co-op residents quickly discovered they could legally reject membership to people not of the right racial, ethnic, or religious background.
The front line of racial and ethnic discrimination is, and has always been, housing. Nationally we still see case after case of housing discrimination still happening. Westchester just settled one in 2017. However, New York state is still turning a blind eye to legal discrimination under the veil of secrecy. Co-ops still legally reject qualified applicants from housing without explanation or ability to challenge.
Realtors groups are lobbying to create transparency and disclosure requiring coop boards to give a reason in writing to an applicant, and establish a reasonable time frame for co-op boards to act on applications.