Riverside Park Community
The Riverside Park Community apartment complex is a group of five buildings ranging in height from 10 to 35 stories at 3333 Broadway between West 133rd and 135th Streets, in Harlem, New York City. Completed in 1976, it was the largest residential structure in the United States. Together, the five buildings include 1,200 apartment units and were designed to accommodate nearly 1,190 families; the complex includes the KIPP Infinity Middle School. The present manager of the property is the Urban American Management Corporation. Designed by architect Max Wechsler, the original plan called for 5 buildings arranged in a semi-circle at varying heights facing West 133rd Street; the plans included plans for a public school, a medical building, a pharmacy and a playground facilities for 1,800 children. The community was constructed under the Mitchell-Lama program, a state-run program created in 1955 that provided low-interest mortgage loans and property tax exemptions to landlords who agreed to provide low-income residents with affordable housing at below-market-rate rents.
This project was sponsored & backed by the Brotherhood of Sleeping Car Porters Pension Fund/A. Philip Randolph, President. At a cost of $54 million, the Educational Construction Fund developed this project as the first phase of a total renewal of the area between West 125th Street and 135th Street, from Broadway to Riverside Drive; when the property first opened, in Spring 1976, the director of sales received over 9,000 applications in the rental office. At the time, a family of five had to meet a basic income requirement of $13,000/year to qualify for housing. Federal subsidies, made it possible for people with incomes less than that, required to obtain housing in the building. In 1976, a one-bedroom apartment cost $228/month and a two-bedroom apartment cost $272. Today, the rents for those apartments start at $1,900 and $2,450, respectively. In 2005, after the loan was paid off, the landlord Jerome Belson controversially opted the community out of the program. Per the guidelines of the Mitchell-Lama program, "any owner can withdraw from the program after 20 years upon paying off the mortgage".
At the same time, BSR, the management company for 3333, sold the property to Cammeby’s Realty Corp. for $85 million. Following the withdrawal from Mitchell-Lama, a class action lawsuit was brought against the current owner by many of the building's tenants, alleging that they were not properly notified of the rise in rental costs and for systematically harassing them to move out and make room for tenants who can afford to pay higher rents; the case was dismissed without merit. At the time of its development, the area surrounding the site of the Riverside Park Community consisted of low-rent tenement housing and mixed-use commercial/residential building types that made up much of Broadway in West Harlem. Since the previous owner of the property opted out of the Mitchell-Lama program, some housing advocates asserted that as many as 300 residents moved out of the building in the course of three years and some tenants were concerned that the building would no longer be affordable. In 2008, "a group led by the Legal Aid Society filed a class-action suit in State Supreme Court against the building's owner, arguing that a provision requiring that the property remain dedicated to low and moderate income housing had been removed by the City and the prior owners without proper public notice, that this was a major contributing factor to the efforts to force residents out."
The State Supreme Court dismissed the case, citing that all claims, including those of harassment, were without merit. All attempts to appeal that decision have failed; the president of one of the building's tenant associations, Alicia Barksdale, asserts that many of the tenants believe that it is not fair for them to have to move, regardless of the changes in the neighborhood.t. In 2007, Cammeby’s sold the property as part of a larger portfolio for $278 million to Urban American Management; the principal architect was Max Wechsler of Max Associates. Two architectural consultants to Wechsler were Richard Dattner and Henri A. LeGendre; the New York Times credited LeGendre as the architects who designed the housing complex. Seven days the Times printed a letter to the editor, from Max Wechsler, proclaiming that his firm was in fact the lead design team on the project and Dattner and LeGendre “served as consultants only.” Max Wechsler & Associates built a high-rise residential building at 300 East 34th Street in the 1970s.
He practiced architecture in New York City throughout his whole career. He died on September 23, 1993. At the time of its inception, the site of the Riverside Community Housing complex was made up of multifamily tenement housing. West Harlem suffered from street crime at the time, New York City in general was facing the monumental trend of suburban flight. Urban planners and developers alike were pushing to finance projects such as 3333 Broadway to keep middle-income families from moving out of the city; the building was built on a lot covering 285,000 square feet in the Manhattanville section of Harlem. To the west of the buildings lies the West Side Highway and beyond that the Hudson River. To the east of the site is Broadway. Across West 133rd Street to the south is the Manhattanville Bus Depot, across West 135th Street to the north of the development lies a row of early-twentieth-century brick tenement buildings; the tenement housing surrounding the site of 3333 Broadway is decorated with classically derived ornament, while the Riverside Housing is designed in the modernist tradition.
There is little ornament or applied decoration on the brick and concrete facade of the b
Affordable housing is housing, deemed affordable to those with a median household income or below as rated by the national government or a local government by a recognized housing affordability index. Most of the literature on affordable housing refers to mortgages and number of forms that exist along a continuum – from emergency shelters, to transitional housing, to non-market rental, to formal and informal rental, indigenous housing, ending with affordable home ownership. In Australia, the National Affordable Housing Summit Group developed their definition of affordable housing as housing, "...reasonably adequate in standard and location for lower or middle income households and does not cost so much that a household is unlikely to be able to meet other basic needs on a sustainable basis." Affordable housing in the United Kingdom includes "social rented and intermediate housing, provided to specified eligible households whose needs are not met by the market." The notion of housing affordability became widespread in the 1980s in North America.
In the words of Alain Bertaud, of New York University and former principal planner at the World Bank,"It is time for planners to abandon abstract objectives and to focus their efforts on two measurable outcomes that have always mattered since the growth of large cities during the 19th century’s industrial revolution: workers’ spatial mobility and housing affordability."Housing choice is a response to an complex set of economic and psychological impulses. For example, some households may choose to spend more on housing because they feel they can afford to, while others may not have a choice; the Median Multiple indicator, recommended by the World Bank and the United Nations, rates affordability of housing by dividing the median house price by gross annual median household income). "A common measure of community-wide affordability is the number of homes that a household with a certain percentage of median income can afford. For example, in a balanced housing market, the median household could afford the median housing option, while those poorer than the median income could not afford the median home.
50% affordability for the median home indicates a balanced market."Determining housing affordability is complex and the used housing-expenditure-to-income-ratio tool has been challenged. In the United States and Canada, a accepted guideline for housing affordability is a housing cost that does not exceed 30% of a household's gross income. Canada, for example, switched to a 25% rule from a 20% rule in the 1950s. In the 1980s this was replaced by a 30% rule. India uses a 40% rule. One of the greatest strengths of the HAI developed by MIT is its ability to capture the Total Cost of Ownership of individuals' housing choices. In computing the index the obvious cost of rents and mortgage payments are modified by the hidden costs of those choices. Income is the primary factor -- not availability, that determines housing affordability. In a market economy the distribution of income is the key determinant of the quantity and quality of housing obtained. Therefore, understanding affordable housing challenges requires understanding trends and disparities in income and wealth.
Housing is the single biggest expenditure of low and middle income families. For low and middle income families, their house is the greatest source of wealth; the most common approach to measure the affordability of housing has been to consider the percentage of income that a household spends on housing expenditures. Another method of studying affordability looks at the regular hourly wage of full-time workers who are paid only the minimum wage; the hope is that full-time workers will be able to afford at least a small apartment in the area where they work. Some countries look at those living in relative poverty, defined as making less than 60% of the median household income. In their policy reports, they consider the presence or absence of housing for people making 60% of the median income. Housing affordability can be measured by the changing relationships between house prices and rents, between house prices and incomes. There has been an increase among policy makers in affordable housing as the price of housing has increased creating a crisis in affordable housing.
Since 2000 the "world experienced an unprecedented house price boom in terms of magnitude and duration, but of synchronisation across countries." "Never before had house prices risen so fast, for so long, in so many countries." Prices nearly tripled in Ireland. The bursting of the biggest financial bubble in history in 2008 wreaked havoc globally on the housing market. By 2011 home prices in Ireland had plunged by 45% from their peak in 2007. In the United States prices fell by 34 %. In Spain and Denmark home prices dropped by 15%. However, in spite of the bust, home prices continue to be overvalued by about 25% or more in Australia, Canada, New Zealand, the Netherlands and Sweden. Costs are being driven by a number of factors including: demographics shifts the declining number of people per dwelling Growing Density Convergence, Regional Urbanization solid population growth. Supply and demand a shortfall in the number of dwellings to the number of households smaller family size the strong psychological desire for home ownership, shifts in economic policies and innovations in financial instruments reduced profitability of other forms of investme
New York State Legislature
The New York State Legislature consists of the two houses that act as the state legislature of the U. S. state of New York. The New York Constitution does not designate an official term for the two houses together, it says only that "legislative power is vested in the senate and assembly." The session laws are published in the official Laws of New York. The permanent laws of a general nature are codified in the Consolidated Laws of New York; the legislature is seated at the New York State Capitol in Albany. Legislative elections are held in November of every even-numbered year. Both Assembly members and Senators serve two-year terms. In order to be a member of either house, one must be a citizen of the United States, a resident of the state of New York for at least five years, a resident of the district for at least one year prior to election; the Assembly consists of 150 members. The Senate, in accordance with the New York Constitution, varies in its number of members, but has 63. Senate districts are between two and three times more populous than Assembly districts.
As of 2009 the New York State Legislature has 2,700 employees, more than any other state legislature except for the Pennsylvania General Assembly. The Assembly is headed by the Speaker, while the Senate is headed by the President, a post held ex officio by the State Lieutenant Governor; the Lieutenant Governor, as President of the Senate, has only a tie-breaking "casting vote". More the Senate is presided over by the Temporary President or by a senator of the Majority Leader's choosing; the Assembly Speaker and Senate Majority Leader control the assignment of committees and leadership positions, along with control of the agenda in their chambers. The two are considered powerful statewide leaders and along with the Governor of New York control most of the agenda of state business in New York; the Legislative Bill Drafting Commission aids in drafting legislation. The LBDC consists of two commissioners, the Commissioner for Administration and the Commissioner for Operations, each appointed jointly by the Temporary President of the Senate and the Speaker of the Assembly.
As of January 2018, Republicans held 31 seats in the 63-seat New York State Senate, Sen. Simcha Felder, a Brooklyn Democrat, caucused with them; the eight-member Independent Democratic Conference maintained a bipartisan coalition with Senate Republicans. The Senate Democratic Conference held 21 seats. There were two Senate vacancies. In the Assembly, the Democratic majority--consisting of 103 Democrats and one Independence Party member who caucused with the Democrats--held 104 seats, while Republicans held 37 seats. There were nine vacancies. In the 2018 elections, Democrats won control of the State Senate and increased their majority in the State Assembly. In the next legislative session, Democrats will hold 40 seats in the State Senate and Republicans will hold 23 seats. In the State Assembly, Democrats will hold 106 seats, Republicans will hold 43 seats, Independents will hold one seat; the Legislature is empowered to make law, subject to the governor's power to veto a bill. However, the veto may be overridden by the Legislature if there is a two-thirds majority in favor of overriding in each House.
Furthermore, it has the power to propose New York Constitution amendments by a majority vote, another majority vote following an election. If so proposed, the amendment becomes valid; the Legislature originated in the revolutionary New York Provincial Congress, assembled by Rebels when the Provincial Legislature would not send delegates to the Continental Congress. The legislature's history of corruption includes the Erie War. In the 1840s, New York launched the first great wave of civil procedure reform in the United States by enacting the Field Code; the Code inspired similar reforms in 23 other states, gave birth to the term "code pleading" for the system of civil procedure it created. However, many attempts at further civil procedure reform and modernization were unsuccessful. Today, New York is considered to have one of the most archaic and inefficient systems of civil procedure in the United States; the first African-American elected to the legislature was Edward A. Johnson, a Republican, in 1917.
The first women elected to the legislature were Republican Ida Sammis and Democrat Mary Lilly, both in 1919. The first African-American woman elected to legislature was Bessie A. Buchanan in 1955. Five assemblymen were expelled in 1920 for belonging to the Socialist Party. In a 2008 U. S. Supreme Court decision involving the constitutionality of a law enacted by the New York Legislature, Justice John Paul Stevens wrote in his concurring opinion: "s I recall my esteemed former colleague, Thurgood Marshall, remarking on numerous occasions:'The Constitution does not prohibit legislatures from enacting stupid laws.'" Temporary President of the Senate: Andrea Stewart-Cousins Majority Leader: Andrea Stewart-Cousins Minority Leader: John J. Flanagan Speaker of the Assembly: Carl Heastie Majority Leader of the Assembly: Crystal Peoples-Stokes Minority Leader of the Assembly: Brian Kolb George G. Barnard Gibbons v. Ogden The Frawley committee and William Sulzer The Hepburn Committee List of New York Legislature members expelled or censured New York Provincial Congress New York State Assembly New York State public benefit corporations New York State Senate Official site of the New York Senate Official site of the New York Assembly Legislative information from the L
Morningside Gardens refers to a private housing cooperative called Morningside Heights Housing Corporation in the borough of Manhattan, New York City. It is composed of a parking garage and six apartment buildings of 21 stories each, for a total of about 980 apartments. MHHC rents space to the Children's Learning Center preschool and the Morningside Retirement and Health Service; the complex has many amenities for its cooperators including a playground, a fitness center, storage units, indoor play spaces for children and young adults, bike rooms, a workshop including ceramics and woodworking. The complex is located just north of the campuses of Columbia University, Barnard College and Jewish Theological Seminary, just east of the campuses of Manhattan School of Music and Union Theological Seminary in the northern section of Morningside Heights, it is bordered by Broadway on the west, Amsterdam Avenue on the east, 123rd Street on the south, La Salle Street on the north. The facility was one of the first owner-occupied co-ops in NYC, with the initial construction subsidized by New York City.
The early development of the project, led by a team of civic leaders headed by philanthropist David Rockefeller and Columbia University president Grayson Kirk formed the basis of the Mitchell-Lama law, which led to many similar co-operative housing facilities, most in NYC and a small number in the local suburbs. Morningside Gardens, which replaced a slum area, was created for middle-income families; when the complex opened in 1957, one-third of the first residents were employees of the prominent educational institutions in the neighborhood, of the National Council of Churches and other religious organizations located in the nearby Interchurch Center. One objective of Morningside Gardens was to create a racially integrated community; when the complex opened in 1957, the population was 75% white, 20% black, 4% Asian, 1% Puerto Rican. Today Morningside Gardens is managed by an elected eleven member board of directors. MHHC contracts with FirstService Residential to provide property management services for the complex.
There is a small security force that has helped the Gardens to experience a low crime rate. For most of its existence, the By-Laws set a maximum resale price for those selling their apartments. In 2015 Morningside's bylaws adopted changes which eliminate Maximum Resale Prices and allow sales on the Open Market. In June 2013, Morningside Gardens partnered with the New York City Department of Sanitation on a pilot project to compost its food waste; this pilot program was highlighted on NPR's The Brian Lehrer Show on March 12, 2014. Thurgood Marshall, the first African-American Supreme Court justice, lived in Morningside Gardens; the Thurgood Marshall Room in 80 LaSalle Street is named after him. Robert L. Carter and civil rights activist who presented part of the oral arguments in Brown v. Board of Education, was a resident of Morningside Gardens. Fiona Apple, singer-songwriter, lived here as a child. Morningside Gardens Coop Website Morningside Gardens Cooperators Association Morningside Retirement and Health Services Morningside Gardens Food Scrappers Famous Morningside Heights Residents
Manhattan referred to locally as the City, is the most densely populated of the five boroughs of New York City and its economic and administrative center, cultural identifier, historical birthplace. The borough is coextensive with New York County, one of the original counties of the U. S. state of New York. The borough consists of Manhattan Island, bounded by the Hudson and Harlem rivers. S. mainland, physically connected to the Bronx and separated from the rest of Manhattan by the Harlem River. Manhattan Island is divided into three informally bounded components, each aligned with the borough's long axis: Lower and Upper Manhattan. Manhattan has been described as the cultural, financial and entertainment capital of the world, the borough hosts the United Nations Headquarters. Anchored by Wall Street in the Financial District of Lower Manhattan, New York City has been called both the most economically powerful city and the leading financial center of the world, Manhattan is home to the world's two largest stock exchanges by total market capitalization: the New York Stock Exchange and NASDAQ.
Many multinational media conglomerates are based in Manhattan, the borough has been the setting for numerous books and television shows. Manhattan real estate has since become among the most expensive in the world, with the value of Manhattan Island, including real estate, estimated to exceed US$3 trillion in 2013. Manhattan traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan. Manhattan is documented to have been purchased by Dutch colonists from Native Americans in 1626 for 60 guilders, which equals $1038 in current terms; the territory and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York. New York, based in present-day Manhattan, served as the capital of the United States from 1785 until 1790; the Statue of Liberty greeted millions of immigrants as they came to the Americas by ship in the late 19th and early 20th centuries and is a world symbol of the United States and its ideals of liberty and peace.
Manhattan became a borough during the consolidation of New York City in 1898. New York County is the United States' second-smallest county by land area, is the most densely populated U. S. county. It is one of the most densely populated areas in the world, with a census-estimated 2017 population of 1,664,727 living in a land area of 22.83 square miles, or 72,918 residents per square mile, higher than the density of any individual U. S. city. On business days, the influx of commuters increases this number to over 3.9 million, or more than 170,000 people per square mile. Manhattan has the third-largest population of New York City's five boroughs, after Brooklyn and Queens, is the smallest borough in terms of land area. Manhattan Island is informally divided into three areas, each aligned with its long axis: Lower and Upper Manhattan. Many districts and landmarks in Manhattan are well known, as New York City received a record 62.8 million tourists in 2017, Manhattan hosts three of the world's 10 most-visited tourist attractions in 2013: Times Square, Central Park, Grand Central Terminal.
The borough hosts many prominent bridges, such as the Brooklyn Bridge. Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere, the Stonewall Inn in Greenwich Village, part of the Stonewall National Monument, is considered the birthplace of the modern gay rights movement; the City of New York was founded at the southern tip of Manhattan, the borough houses New York City Hall, the seat of the city's government. Numerous colleges and universities are located in Manhattan, including Columbia University, New York University, Cornell Tech, Weill Cornell Medical College, Rockefeller University, which have been ranked among the top 40 in the world; the name Manhattan derives from the Munsee dialect of the Lenape language'manaháhtaan'. The Lenape word has been translated as "the place where we get bows" or "place for gathering the bows". According to a Munsee tradition recorded in the 19th century, the island was named so for a grove of hickory trees at the lower end, considered ideal for the making of bows.
It was first recorded in writing as Manna-hata, in the 1609 logbook of Robert Juet, an officer on Henry Hudson's yacht Halve Maen. A 1610 map depicts the name as Manna-hata, twice, on both the west and east sides of the Mauritius River. Alternative folk etymologies include "island of many hills", "the island where we all became intoxicated" and "island", as well as a phrase descriptive of the whirlpool at Hell Gate; the area, now Manhattan was long inhabited by the Lenape Native Americans. In 1524, Florentine explorer Giovanni da Verrazzano – sailing in service of King Francis I of France – became the first documented European to visit the area that would become New York City, he entered the tidal strait now known as The Narrows and named the land around Upper New York
New York City
The City of New York called either New York City or New York, is the most populous city in the United States. With an estimated 2017 population of 8,622,698 distributed over a land area of about 302.6 square miles, New York is the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass and one of the world's most populous megacities, with an estimated 20,320,876 people in its 2017 Metropolitan Statistical Area and 23,876,155 residents in its Combined Statistical Area. A global power city, New York City has been described as the cultural and media capital of the world, exerts a significant impact upon commerce, research, education, tourism, art and sports; the city's fast pace has inspired the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.
Situated on one of the world's largest natural harbors, New York City consists of five boroughs, each of, a separate county of the State of New York. The five boroughs – Brooklyn, Manhattan, The Bronx, Staten Island – were consolidated into a single city in 1898; the city and its metropolitan area constitute the premier gateway for legal immigration to the United States. As many as 800 languages are spoken in New York, making it the most linguistically diverse city in the world. New York City is home to more than 3.2 million residents born outside the United States, the largest foreign-born population of any city in the world. In 2017, the New York metropolitan area produced a gross metropolitan product of US$1.73 trillion. If greater New York City were a sovereign state, it would have the 12th highest GDP in the world. New York is home to the highest number of billionaires of any city in the world. New York City traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan.
The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York. New York served as the capital of the United States from 1785 until 1790, it has been the country's largest city since 1790. The Statue of Liberty greeted millions of immigrants as they came to the U. S. by ship in the late 19th and early 20th centuries and is an international symbol of the U. S. and its ideals of liberty and peace. In the 21st century, New York has emerged as a global node of creativity and entrepreneurship, social tolerance, environmental sustainability, as a symbol of freedom and cultural diversity. Many districts and landmarks in New York City are well known, with the city having three of the world's ten most visited tourist attractions in 2013 and receiving a record 62.8 million tourists in 2017. Several sources have ranked New York the most photographed city in the world. Times Square, iconic as the world's "heart" and its "Crossroads", is the brightly illuminated hub of the Broadway Theater District, one of the world's busiest pedestrian intersections, a major center of the world's entertainment industry.
The names of many of the city's landmarks and parks are known around the world. Manhattan's real estate market is among the most expensive in the world. New York is home to the largest ethnic Chinese population outside of Asia, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is the largest single-operator rapid transit system worldwide, with 472 rail stations. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, Rockefeller University, which have been ranked among the top universities in the world. Anchored by Wall Street in the Financial District of Lower Manhattan, New York has been called both the most economically powerful city and the leading financial center of the world, the city is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ. In 1664, the city was named in honor of the Duke of York.
James's older brother, King Charles II, had appointed the Duke proprietor of the former territory of New Netherland, including the city of New Amsterdam, which England had seized from the Dutch. During the Wisconsinan glaciation, 75,000 to 11,000 years ago, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth; the erosive forward movement of the ice contributed to the separation of what is now Long Island and Staten Island. That action left bedrock at a shallow depth, providing a solid foundation for most of Manhattan's skyscrapers. In the precolonial era, the area of present-day New York City was inhabited by Algonquian Native Americans, including the Lenape, whose homeland, known as Lenapehoking, included Staten Island; the first documented visit into New York Harbor by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown. He named it Nouvelle Angoulême. A Spanish expedition led by captain Estêvão Gomes, a Portuguese sailing for Emperor Charles V, arrived in New York Harbor in January 1525 and charted the mouth of the Hudson River, which he named Río de San Antonio.
The Padrón Rea
A housing cooperative, co-op, or housing company, is a legal entity a cooperative or a corporation, which owns real estate, consisting of one or more residential buildings. Housing cooperatives are a distinctive form of home ownership that have many characteristics that differ from other residential arrangements such as single family home ownership and renting; the corporation is membership-based, with membership granted by way of a share purchase in the cooperative. Each shareholder in the legal entity is granted the right to occupy one housing unit. A primary advantage of the housing cooperative is the pooling of the members' resources so that their buying power is leveraged, thus lowering the cost per member in all the services and products associated with home ownership. Another key element in some forms of housing cooperatives is that the members, through their elected representatives and select who may live in the cooperative, unlike any other form of home ownership. Housing cooperatives fall into two general tenure categories: ownership.
In non-equity cooperatives, occupancy rights are sometimes granted subject to an occupancy agreement, similar to a lease. In equity cooperatives, occupancy rights are sometimes granted by way of the purchase agreements and legal instruments registered on the title; the corporation's articles of incorporation and bylaws as well as occupancy agreement specifies the cooperative's rules. The word cooperative is used to describe a non-share capital co-op model in which fee-paying members obtain the right to occupy a bedroom and share the communal resources of a house, owned by a cooperative organization; such is the case with student cooperatives in some college and university communities across the United States. As a legal entity, a co-op can contract with other companies or hire individuals to provide it with services, such as a maintenance contractor or a building manager, it can hire employees, such as a manager or a caretaker, to deal with specific things that volunteers may prefer not to do or may not be good at doing, such as electrical maintenance.
However, as many housing cooperatives strive to run self-sufficiently, as much work as possible is completed by its members. In non-equity cooperatives and in limited equity cooperatives, a shareholder in a co-op does not own real estate, but a share of the legal entity that does own real estate. Co-operative ownership is quite distinct from condominiums where people own individual units and have little say in who moves into the other units; because of this, most jurisdictions have developed separate legislation, similar to laws that regulate companies, to regulate how co-ops are operated and the rights and obligations of shareholders. Each resident or resident household has membership in the co-operative association. In non-equity cooperatives, members have occupancy rights to a specific suite within the housing co-operative as outlined in their "occupancy agreement", or "proprietary lease", a lease. In ownership cooperatives, occupancy rights are transferred to the purchaser by way of the title transfer.
Since the housing cooperative holds title to all the property and housing structures, it bears the cost of maintaining and replacing them. This relieves the member from the burden of such work. In that sense, the housing cooperative is like the landlord in a rental setting. However, another hallmark of cooperative living is that it is nonprofit, so that the work is done at cost, with no profit motive involved. In some cases, the co-op follows Rochdale Principles. Most cooperatives are incorporated as limited stock companies where the number of votes an owner has is tied to the number of shares owned by the person. Whichever form of voting is employed it is necessary to conduct an election among shareholders to determine who will represent them on the board of directors, the governing body of the co-operative; the board of directors is responsible for the business decisions including the financial requirements and sustainability of the co-operative. Although politics vary from co-op to co-op and depend on the wishes of its members, it is a general rule that a majority vote of the board is necessary to make business decisions.
In larger co-ops, members of a co-op elect a board of directors from amongst the shareholders at a general meeting the annual general meeting. In smaller co-ops, all members sit on the board. A housing cooperative's board of directors is elected by the membership, providing a voice and representation in the governance of the property. Rules are determined by the board, providing a flexible means of addressing the issues that arise in a community to assure the members' peaceful possession of their homes. A housing cooperative is de facto non-profit, since most of its income comes from the rents paid by its residents, who are invariably its members. There is no point in creating a deliberate surplus—except for operational requirements such as setting aside funds for replacement of assets—since that means that the rents paid by members are set higher than the expenses. In the lifecycle of buildings, the replacement of assets requires si