Monday, July 18, 2011

Christine Quinn Sold Out To Real Estate Developers! What About Coops? Coop Condo Boards Managing Agents Collusion

Subject: [wnycempire] Re: Where are the mayoral candidates raising their money?
Spee (unregistered) wrote:

Christine Quinn's sellout to the city's real estate interests has been a well-kept secret.  For example, a few years ago, after the well-organized real estate industry sent Ms. Quinn a huge quantity of letters against a pending bill which would have required co-ops to disclose the reasons for rejecting applicants, Ms. Quinn had the bill disappear.  Why this was against the real estate industry's interests: in many co-ops the reality is that a real estate company's managing agent - though theoretically working for the shareholders who theoretically the board represents - is running the whole show.  Avoiding transparency is a fundamental goal of the managing agent and any board member in collusion with it's building's agent. 

The good news is that we have at least two other representatives working on the problem of the imbalance of power between shareholders (prospective and present) and co-op/condo boards/managing agents.

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