Monday, July 11, 2011

Can I petition shareholders to change co-op laws?

We live in a co-op in New York and as of April 1st, the co-op instituted a law requiring purchasers to have 35% of the value of their apartment coming in as income. Obviously, that discriminates against retirees, regardless of their savings and, due to this new law, we have potentially lost buyers and therefore a down payment on a house we were planning on purchasing. Can I petition the shareholders in the complex to have this law repealed or revised? It's completely unfair to have to require a salary to have people purchase in a co-op, especially one that doesn't have enough parking spots for their residents and no amenities at all. If the apartment is valued at $200,000, that means the purchaser would need approximately $70,000 in income. Any advice on this issue?

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