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Article: AOA: fighting inequity on many fronts. (Apartment Owners Association)
- Article from:
- Real Estate Weekly
- Article date:
- April 21, 1993
CopyrightCOPYRIGHT 1993 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In the early 1950's, there were 5,000 cooperative apartment units in New York City. Today the figure has skyrocketed to 524,266 cooperative and condominium units with more than one million residents. This comprises 17.3 percent of the housing stock in New York City paying a whopping 36 percent of the city's residential property taxes.
The inequity created by the amount of tax paid by owners of cooperative and condominium apartments in contrast to the amount of tax paid by single family-home owners is one of the major issues facing owners of cooperative and condominium boards of directors and the professionals who represent them. It is also of prime concern the ...