Subscribe for Daily Updates!
yes, it is legal to restrict renting until after a resident has lived in the unit for two years, as long as this is in the coop bylaws.
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
The PL may say that you can rent (sublet) units, but it is up to the board to look after the wellbeing of the co-op; consequently, the sublet policy is redacted to protect the interests of the shareholders. If Steve says that 70% of occupied units is seen as a good measure for providing financing to a potential buyer, then a good board shall make the sublet policy in such a way to ensure than no more than 30% of the units are rented at one time. If your co-op is less than the "magic" number prescribed by the policy and 2-year is the total number of years that you can rent under the policy, speak "hardship" if there is one OR the reasons why you may want to exceed the 2-year.
Again, "ASK AND YOU MAY RECEIVE". In other words, if you do not try, you may not get an exception if one can be given under specific circumstances.
AdC
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.