co-op housing

Co-op housing, or cooperative housing, is a living arrangement where residents own shares in a corporation that manages and owns the building or community. Instead of owning their individual units outright, residents have a proprietary lease or share that grants them the right to occupy a specific apartment. Decisions about the property are made democratically by shareholders during meetings. This setup often provides more affordable housing options, fosters a sense of community, and distributes responsibilities for maintenance and governance among residents. It's a collaborative approach that combines ownership with shared management, differing from traditional rental or condominium models.