Jonathan asks us about Cooperative apartments in NYC

This week we talk with Jonathan and he asks us a few questions from his real estate exam class. 

Coops or cooperatives are the most common type of housing in New York city. Here are a few quick points you should take away from the episode. 

  • When you own a coop, you own shares of a cooperation not real property
  • These shares allow you to lease back your home from the coop
  • A coop is seen as a singular tax bill with the city
  • A portion of your maintenance is tax deductible against your income
  • Coops have rules, many don't allow sublets or pets 
  • The Finnish were the first immigrants to form coops in New York

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