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HDFCs Under Attack

The Mayor has launched an all-out offensive against HDFC cooperatives on three fronts:

• Coercing all HDFCs to sign a 40-year regulatory agreement (pdf) that would allow the City to take control of our buildings.

The City—and not us and our Board of Directors—would have final say over all major decisions, including sales, sales prices (price caps would be set), subletting and commercial space tenancy and lease terms).

• Pushing the NY City Council to immediately take away the DAMP property tax reduction from any HDFC that does not sign a regulatory agreement.

If our co-ops cannot afford to pay increased taxes, we'd be forced to sign a regulatory agreement and give up control of our homes—or be unable to pay our bills!

• And to squash any further resistance, the Mayor asked the NY State Legislature to radically—and retroactively—change the nature of our HDFC corporations to take away our property rights, so that our private homes essentially become City-controlled public housing.

The shocking S-6543 de Blasio bill found an unlikely sponsor in Republican Betty Little, Chair of the NY State Senate Housing Committee. She got cold feet on Jan. 8, and pulled the plug—at least temporarily. We expect it to be reintroduced when the pressure dies down.

Eye-Opening

For more issues and actions in all 5 boroughs,
check out the citywide HDFC Coalition website.