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Is there any legal precedent to compel a sponsor to sell his unregulated apts. We have a 32 unit coop in Brooklyn in which the sponsor owns 6 (2 regulated and 4 which he charges market rent). It would obviously improve our owner-occupancy percentage
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A lot of buildings have tried but they have all failed. A sponsor obviously has written the by-laws to favor him/her. There is no legal precedent that I'm aware of that favors a board in this matter.
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