Marginal Co-op Buyers Have Lost a Trusted Key to Entry
Featured In: Habitat Magazine | Written By: Bill Morris | Featuring: David L. Berkey | Partner at Gallet Dreyer & Berkey, LLP
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The Housing Stability and Tenant Protection Act of 2019 was intended to protect renters from unscrupulous landlords, but it has had unintended and harmful consequences for co-ops. These consequences stem from the fact that co-op boards have a landlord-tenant relationship with shareholders in the corporation – based on the proprietary lease – and have therefore been deemed subject to the same restrictions the law has imposed on landlords of rental properties.
David L. Berkey
For more than thirty years, Mr. Berkey has been a trusted advisor to numerous cooperative and condominium boards, banks, insurance companies and individuals. Mr. Berkey counsels his loyal clients regarding all issues pertaining to co-op and condo law, prepares their various contracts, handles their transactions and litigates their claims.