Friday, May 11, 2007

 

Co-op Apartments

There was a story on Minnesota Public Radio this morning about people getting thrown out of their apartments in the Twin Cities even though their rent was paid in full and on time. Turns out that the down-turn in the housing market, along with subprime loans, is making it difficult for the landlords to make their payments and they're getting foreclosure notices. The law says that if a landlord is getting foreclosed upon, he/she must give tenants notice so that they have enought time to move. Of course, many of them don't, so renters are getting a slappy surprise when they're put out on the street. This got me to thinking . . . . Can apartment buildings be owned in a co-op fashion, with the renters owning the property? Has this sort of thing been done before? (And I don't mean a condo situation. I'm thinking more along the lines of a co-op health food store.)

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