HDFC homeowners in the neighborhood are holding an informational session on Tuesday night from 7-9 at the Theater for the New City, 155 First Ave. The above flyer has all the details.
Here's a recap from an EVG reader and co-op resident about what's happening from an earlier post:
This new proposed Regulatory Agreement is overreaching and would result in a loss of autonomy and decision-making abilities that benefit HDFC buildings, as well as costing individual shareholders hard-earned equity.
The new rules include a 30 percent flip tax on all units when they sell; the requirement of hiring outside managers and monitors at our expense; a ban on owning other residential property within a 100-mile radius of New York City; and more draconian clauses. Community meetings to discuss the agreement have been contentious and hostile, and so far not one HDFC in the entire city has publicly supported the plan. Very few HDFCs in the city need financial help and we strongly oppose a "one size fits all" regulatory agreement that will cost us money, resources, and most important, value in our home equity.
For more background, you may visit the HDFC Coalition website here ... and the East Village/Lower East Side HDFC Coalition website here.
I don't know outside oversight is good - lot's of folks i know have been screwed at their co-ops, One family in charge and not willing to give up control - or renting out apartments while living in queens - or buying up all the available units. Lot's of crap things happen - and yes I am bitter - a friend wanted to sell me her co-op and the co-op board head said no and bought it for in case her daughter wanted to live there. Many apartments are not even that cheap or nice.
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