Cohousing-L Mailing List: Re: reserve investment and taxes

[Mabel Liang (mabel]

I think the properties in NYC that don't allow mortgages or restrict 
them are probably mostly _co-ops_, not condos.  There everyone owns 
shares of the building, and the collectively are responsible for the 
payment of the mortgage on the entire building.  So they get to 
scrutinize the buyers a lot more.  I believe I heard that a co-op in NYC 
refused either Bill Clinton or Richard Nixon, just from not wanting the 
attention the building would get with a former president living there.

-- Mabel :-)

 mabel [at] twomeeps.com
 Mabel Liang
Cornerstone Village Cohousing
Cambridge, MA
Software Engineer turned Gardener

On 2026-04-18 12:48, Sharon Villines via Cohousing-L wrote:

> <snip>
>
> In NYC, there are condos that won't allow people to hold _any_ mortgage 
> on their units. Buyers have to have cash. Others will limit the 
> mortgage to half the cost of the unit. I'm sure there are many 
> variations. Some buildings just don't want people who are "living above 
> their means." It's a form of maintaining exclusivity but also of 
> financial security for the building.
>
> Sharon
> ----
> Sharon Villines
> Riderwood Village, Silver Spring MD
> Founding member and 25 year resident in Takoma Village, Washington DC