housing co-ops

Housing cooperatives, or co-ops, are collectively owned residential buildings where residents are members who have a say in management and decision-making. Instead of renting or owning independently, members purchase shares in the co-op, granting them the right to occupy a specific unit. The co-op is governed democratically, with residents participating in decisions about maintenance, rules, and finances. Profits are typically reinvested to improve the property or kept to reduce costs. This model promotes affordability, community involvement, and shared responsibility, aligning residents’ interests to maintain a well-functioning, supportive living environment.