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I am a shareholder of a co-op in Queens. According to the proprietary lease there is a cap of 5% increase, but in 2006 the increase was 7.5%, plus an increase in subfee of 5% to 10% without notifying some of the shareholders. I will like to know if the amendements and the financials are suppose to reflect what happening in co-op to AG
I am a bit surprised that a PL has caps on maintenance. This is more appropriate for the bylaws where it states that the board fixes the financial requirements of the corporation and any additional assessments required. Regarding subfees, sublets, etc. the proprietary lease and by-laws may have wording to specific fees. Are you sure you talk about a cap on the maintenance in the PL?
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If your PL states a cap clearly, the 7.5% increase could have been made in error. As for the subfee, unless the PL includes that in the cap, the board probably acted properly.
Check with the managing agent or board about this. Or consult an attorney (but keep in mind, any legal action will cost YOU, as a shareholder).
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