Rebecca Poole testifies for CNYC on co-op and condo homeowners
Rebecca Poole of the Council of New York Cooperatives and Condominiums, representing 170,000 dues-paying members, supports Intros 1010, 934, and Resolution 471, noting that increasing operating costs and Local Law 97 mandates create major affordability issues for senior and disabled co-op/condo homeowners who need help staying in their homes.
Good afternoon.
Thank you, Chairs Lee, Schwang, and Hanif for the opportunity to testify today.
My name is Rebecca Poole, and I'm the Director of Membership and Communication for the Council of New York Cooperatives and Condominiums, a member-funded, not-for-profit
organization providing information, education, and advocacy to and for co-ops and condos in all five boroughs.
There are over 730,000 existing co-op and condo households in New York City.
Approximately 170,000 of these are currently dues-paying CNYC members.
Each co-op and condo homeowner has their own story, career, family, medical history, and economic background, regardless of their zip code.
Almost all have invested the majority of their life savings into their apartment and have committed themselves to their building community and New York City.
All have paid and continue to pay ever-increasing real estate taxes.
Over the past 10 years, increasing operating costs and New York City mandates governing inspections, capital work, and decarbonization have created major affordability issues for cooperative and condominium
homeowners, particularly seniors on fixed income and disabled homeowners.
While the Department of Finance testified that providing additional benefits to struggling homeowners would be costly, these same co-op and condo homeowners are being asked to fund Local Law 97 work they cannot afford
on behalf of the city without the benefits available to other LMI homeowners and landlords.
CNYC has worked diligently on the state level to attempt to get funding specifically for these LMI homeowners, and they need help.
Assistance is needed to ensure that these homeowners, many long-term New York City residents who helped build neighborhoods, can remain in their homes.
The legislation proposed by Councilmember Marte will help, and CMYC is grateful for his leadership, along with that of Senator Kavanaugh and Senator Clear.
CMYC strongly supports Intros 1010, 940, and Resolution 471, and urges City Council to vote in favor of those.
Thank you.