Mtg about the Armory at Bedford and UNION, Jan 9
  • I wonder whether the concept of "affordable co-op" isn't internally inconsistent. The owners of a co-op are responsible for all real estate taxes, mortgage payments, water/sewer charges, and costs of maintaining the building, including unanticipated costs of repairing broken boilers, pipes, elevators, exterior brickwork/pointing, etc., etc.

    While the initial purchase price may be affordable, I don't know how anyone can be sure that the monthly maintenance charges will remain affordable.
  • @mugofmead111 - I am trying to avoid particulars; it was just a question thrown out there.  :) 

    However, an affordable housing component would be a good example; I'm sure there are some newcomers that wouldn't put in extra effort to get this done.  They may, however, spend more time and energy focusing on getting a Trader Joe's (an idea mentioned above).
  • booklaw said:

    I wonder whether the concept of "affordable co-op" isn't internally inconsistent. The owners of a co-op are responsible for all real estate taxes, mortgage payments, water/sewer charges, and costs of maintaining the building, including unanticipated costs of repairing broken boilers, pipes, elevators, exterior brickwork/pointing, etc., etc.

    While the initial purchase price may be affordable, I don't know how anyone can be sure that the monthly maintenance charges will remain affordable.



    Umm... A dilemma faced by homeowners/landlords everywhere, including those CH landlords we love to pick on who have rent controlled or rent stabilized units as their maintenance costs go up.
  • @southeast, @booklaw,

    I admit I don't know the particulars of how the financing works. I know that Crown Gardens at Nostrand and Crown Street is an example of a Mitchell-Lama era affordable co-op. It's been around for a generation or two.

    A more recently developed example, is a building at Throop and Lafayette called "The Shelton", which has units affordable at different percentages of the area median income, as well as market-rate units (the ones with the nicest views).

    While it doesn't work for everybody, it's just one tool to help encourage economic mobility, and to avoid creating places which are intended only for one price-tagged population (which are usually boring places).
  • southeast said:

    @mugofmead111 - I am trying to avoid particulars; it was just a question thrown out there.  :) 


    However, an affordable housing component would be a good example; I'm sure there are some newcomers that wouldn't put in extra effort to get this done.  They may, however, spend more time and energy focusing on getting a Trader Joe's (an idea mentioned above).


    Hey. I grew up in the neighborhood. While I want to affordable housing to be preserved (for my own selfish reason as well as for the benefit of my neighbors), I also want to see a Trader Joe's move in! (I dream of the day of being able to walk to such amenities instead of having to take the bus or the train to get certain things. That was my life for decades.)The interests of newcomers and long-term residents may not be mutually exclusive. They are not for this long-term resident. 
  • They certainly are not mutually exclusive.

    At the mtg I attended though, their was a much greater focus on whatever comes to the drill hall being affordable, then I think the majority of the present customer base of -say- Berg'n would voice.

    Likewise, I heard a lot about wanting to make sure the jobs that will be created go to long time residents. Because I imagine most of the jobs of whatever comes will pay around $12 an hour, I do not see young people with lots of opportunities and resources being especially concerned about them potentially going to someone else.
  • whynot_31 said:

     Likewise, I heard a lot about wanting to make sure the jobs will be created go to long time residents. Because I imagine most of the jobs of whatever comes will pay around $12 an hour, I do not see young people with lots of opportunities and resources being especially concerned about them potentially going to someone else.



    I wouldn't be surprised if the local politicians were to echo that sentiment as well.  Eric Adams was telling us last night that he's facing employment numbers in the double digits. 

    There is something very appealing about being able to walk to work. :) 
  • @grwd, There's also the Maynard, 1509 Bergen at Schenectady, a 47-unit subsidized cooperative that opened in 2010: http://www.brownstoner.com/blog/2010/03/the-maynard-lau/

    I don't know how affordable the maintenance costs have been over these past four years. But at least there's hope; affordable co-ops aren't impossible.

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