Well, in a co-op essentially – residents buy a share allocated to a particular apartment in the co-op building but the building is owned by the Co-op Society. There are two kinds:
Profit and non-profit. The non-profit buildings are mostly government sponsored (through loans), have income restrictions and are meant to be given back at no profit. Actually most subsidies run out by 2020 … will be interesting to see what happens to them then!
The ‘profit’ ones are different. Actually, this style of ownership – while not popular in Vancouver is very much in vogue elsewhere. Most of New York is owned as a co-operative. And if you are paying […]