Back in August 2013, BKLYNER reported about a heated debate between candidates for Southern Brooklyn City Council. The focus was reforming co-op laws, the results were non-existent.
Organizers said the purpose of the event was to alert candidates of “insufficient laws in the State and City of New York concerning rights of shareholders of co-ops, which they allege have caused a pattern of fraudulent elections, kickback schemes, power abuse, tenant evictions, and the funneling of shareholder money into private pockets.”
Even back then, the issue of co-op regulation was explained as being “a long-standing issue in New York City, as the government regards them as corporations, putting them under the same oversight agencies as major companies and financial institutions. Regulatory authorities rarely take on co-op cases or dedicate resources to oversight of co-ops specifically.”
A recurring theme was of refusal to disclose financial information legally due every shareholder as well as fear of consequences by the boards.