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Probably a year or so if it goes smoothly. Far longer if the decision is contested in the courts like it was last time. IIRC the last battle took about 4 years before the state's high court decided in favor of those wanting to stay in Mitchell Lama.
But from article says, it should takes a least 2years after the first vote. The first vote only requires a simple majority of 51 percent of those who attend. The second vote is required to be held at least a year later where shareholders vote on a proposed offering plan on whether or not to continue to the next step. If the second vote passes, a “Black Book” offering plan is filed with the Attorney General, which proposes the form of a privatized co-op and the third vote, at least another year later, is taken on the completed, accepted and filed cooperative structure. If this vote passes, the property can privatize.
I read that too. It seems like it could take awhile. I wonder what the vote was at the oct 27 meeting.
They approved the feasability study. Like the article said there's a few steps after. So I'd say if it does go through it would probably take 3 to 5 years.
I read this from the Cooperaters United for Mitchell Lama. It was dated April 2016
NYC Council Member Helen Rosenthal said that right now HPD will not permit Mitchell-Lama co-ops to privatize (to leave the ML program). ML co-op boards will have to sue HPD if they want to leave. She strongly urged ML residents to contact their local Council Members for problems in their buildings.
And so it went in favor of going private. Hi all. Sorry for the ignorant question but what happens when Mitchell Llama goes private? Any pros and cons? Thanks in advance.
And so it went in favor of going private. Hi all. Sorry for the ignorant question but what happens when Mitchell Llama goes private? Any pros and cons? Thanks in advance.
There are articles describing varying points of view. It benefits people when they sell out for a profit. The high flip tax benefits the cooperaters but if more people stay than sell those funds could dry up by using the money for repairs , maintainece and by keeping carrying charges low. Taxes will increase dramatically under a market rate assessment. It can have a negative impact on people who are on fixed income. Not to mention it takes away affordable housing for generations. No new coops are being built or entering the program only rentals so it seems wrong to change/ exit unless more are taking its place which is what I have read.
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