housing co-op

A housing cooperative, or co-op, is a type of residential community where residents collectively own the property. Instead of owning individual units, residents purchase shares in the cooperative, which gives them the right to live in a specific unit and participate in the management of the property. This model fosters a sense of community, as members typically have a say in decisions about maintenance, improvements, and rules. Co-ops often promote affordability and stability, as they can limit profit-driven motives of landlords and prioritize the needs of residents.