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NYC246 - last time a vote on privatization occurred (probably about 6 years ago), there was just less than the 2/3's majority needed to privatize. Last week a vote occurred on whether to study privatization. I think 64% voted that the study should occur. It will probably take a few months before the study starts and a year to have the study done. I believe any vote wouldn't occur for a year and a half to two years from now. Even if it is passed it may face lawsuits and would have to go through a certain procedure to privatize so I'm guessing the earliest the privatization could occur would be about 3 years in the future.
Thank you for the feedback. Do you know how many people showed up for the study vote? Given the amount of people who want it private does it seem like it will pass this time? Do you know what the votes were last time for and against. Southbridge won privatization by 10 votes.
NYC246 - last time a vote on privatization occurred (probably about 6 years ago), there was just less than the 2/3's majority needed to privatize. Last week a vote occurred on whether to study privatization. I think 64% voted that the study should occur. It will probably take a few months before the study starts and a year to have the study done. I believe any vote wouldn't occur for a year and a half to two years from now. Even if it is passed it may face lawsuits and would have to go through a certain procedure to privatize so I'm guessing the earliest the privatization could occur would be about 3 years in the future.
Thanks for letting us know. Do you know if there is move in from waiting list during privatize process or EMP will freeze the line until final vote.
We have been told by EMP and HPD that they will be selling apartments during this time yet not sure?
Year, they said so. But I'm not hundred % sure that's true. Want to heard from someone who knows how it's working in the same situation. And EMP had that experience last time.
Year, they said so. But I'm not hundred % sure that's true. Want to heard from someone who knows how it's working in the same situation. And EMP had that experience last time.
Yes, I hear you if someone who lives there can confirm that people are moving in would be great.!!
Many people showed up for the privatization study vote and meeting, much more than show up at the co-op's annual meeting at the end of the year. Several people got up and spoke about both sides of the issue. I think a vote to privatize would probably be very close just like last time when it failed by only 1% unless the study can make clear that it is either needed or not needed in order to meet the co-ops expenses.
The co-op has stated that we will have $20-30 million in expenses to replace elevators, replace furnaces, plumbing, etc. in coming years as the buildings are aging. The question now is how to raise the money. Some people say the co-op should apply to low interest rate loans and add a surcharge onto the monthly co-op fees to pay for the loan while others said privatization would allow the co-op to tax sales of each co-op at a rate of around 45% and cover the expenses that way.
I have not heard anything about freezing the move ins. People have moved in recently but the vote just took place a few weeks ago so I can't confirm people have moved in since then. Last time a privatization study was done it was frozen but I always thought that study was put in place by the co-op board. This time it was a group of co-operators that proposed it and gathered signatures. If a freeze was to occur I don't think it would happen until the co-op was to approve privatization but that is just my opinion
Many people showed up for the privatization study vote and meeting, much more than show up at the co-op's annual meeting at the end of the year. Several people got up and spoke about both sides of the issue. I think a vote to privatize would probably be very close just like last time when it failed by only 1% unless the study can make clear that it is either needed or not needed in order to meet the co-ops expenses.
The co-op has stated that we will have $20-30 million in expenses to replace elevators, replace furnaces, plumbing, etc. in coming years as the buildings are aging. The question now is how to raise the money. Some people say the co-op should apply to low interest rate loans and add a surcharge onto the monthly co-op fees to pay for the loan while others said privatization would allow the co-op to tax sales of each co-op at a rate of around 45% and cover the expenses that way.
I have not heard anything about freezing the move ins. People have moved in recently but the vote just took place a few weeks ago so I can't confirm people have moved in since then. Last time a privatization study was done it was frozen but I always thought that study was put in place by the co-op board. This time it was a group of co-operators that proposed it and gathered signatures. If a freeze was to occur I don't think it would happen until the co-op was to approve privatization but that is just my opinion
Thank you for the update it is greatly appreciated. If you hear anything that would apply to this matter please post it. I am going to remain hopeful.
Are there any mortgages on the development? How have the last repairs been funded, windows and grounds (plaza)?
We are still paying off mortgages. The windows were funded by surcharges on our monthly maintenance while I believe the plaza reconstruction was at least partly funded with the increased equity payments that new co-operators put down when they move in. Some of the plaza funding probably also came from cash that was built up from the maintenance fees.
We are still paying off mortgages. The windows were funded by surcharges on our monthly maintenance while I believe the plaza reconstruction was at least partly funded with the increased equity payments that new co-operators put down when they move in. Some of the plaza funding probably also came from cash that was built up from the maintenance fees.
My apologies for not having noticed this Thread earlier on. For the information of readers, the privatization battle at EMP lasted for 10 years, not 5. It also cost $4 million dollars in shareholder funds that were originally intended to be utilized for maintenance. Instead, the Board improperly used that money to advance a private agenda--to turn affordable Mitchell Lama housing into a luxury co-op, therby also enriching those shareholders who were mainly interested in leaving, plus those who in reality had ALREADY left, but pretended to still be living in EMP full-time. In actuality, only about 300 out of 750 shareholders supported privatization, yet the Board constantly claims they represent a "majority." They are only in power (still) because a large number of apathetic shareholders never even bother themselves to vote in elections. Furthermore, this Board now desires to pursue privatization AGAIN! Any prospective EMP resident must recognize that they are going to be stepping into a minefield. Just google "Mark Andermanis" to see elsewhere online what other kind of hijinks this Board indulges in.
Do you think the numbers are changing toward privatization? What are your thoughts this time around? How long have you lived at EMP?
Last edited by Nyc246; 11-12-2016 at 10:42 AM..
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