No way, that’s cool! Where in the US?
I guess I would’ve thought that the collective unit is in charge of stuff like property taxes, but you can’t have that many names on a property deed, right? Or can you?
I only the know the version of that in Germany and Austria where the property is being held by a GmbH, similar to a LLC, whose half owned by an e.V., a registered voluntary association acting as the united juridicial person of the inhabitants and half owned by a syndicate e.V. that acts as insurance and solidarity among the syndicate and makes sure that no one can overtake and profit from the property. Inhabitants pay off rent-like loans and but can leave anytime. Rent is usually really low and acts as solidarity towards other houses.
It’s called Mietshaussyndikat
Around half of them are in New York: https://www.housinginternational.coop/co-ops/united-states-of-america/
but you can’t have that many names on a property deed
The coop owns the property and you as a shareholder get access to one home.
That seems to be what’s going on The Arconia apartments in Only Murders in the Building (in New York). They have a coop board, drama over who is the president of it, people not able to pay taxes on their apartment, auntie sold the apartment, now I have to move, etc.
I suppose but HOAs are dicks. That’s a single controller. The above mentioned many people paying into the fund for taxes but what if one does not pay taxes? Do the rest suffer?
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