The residents/shareholders of Village View, the 1,200-plus-unit Mitchell-Lama co-op, "are now mulling whether to withdraw from the affordable housing program," according to an article in this week's issue of The Villager.
Per the article:
The decision to withdraw would allow residents to sell their units for a huge profit. But some worry it would be shortsighted to cash in on their below-market-rate homes — and that privatizing could further erode the neighborhood’s affordability.
Withdrawing from the program would require a two-thirds vote by residents of at least 822 apartments. If the measure passes, shareholders could choose to deregulate their units and put them on the market. They could also relinquish their shares by leaving and having their equity returned, or stay on as tenants in rent-regulated apartments.
It sounds as if all this is still in the exploration-only stage. Village View's board of directors reportedly started holding informational meetings in June to discuss the possibility of converting to a private co-op.
According to The Villager: "The first step in the process would be to vote in favor of a feasibility study that would examine the consequences of leaving the program. At least 51 percent of shareholders from a minimum of 617 apartments would have to vote to support the study."
Village View, which opened in 1964, consists of seven buildings between First Avenue and Avenue A, from East Second Street to East Sixth Street.