Reasons to avoid condos & co-ops

[LoveTrains]

www.nytimes.com/2013/05/02/nyregion/fema-policy-keeps-co-ops-from-disaster-aid.html?hp&_r=0

This is an article that states that co-ops are barred from receiving federal disaster aid, as are condo associations for common areas. That kind of sucks. 

[Deleted]

But what's the alternative for people who live in cities where single-family dwellings cost many millions of dollars?

[genet313]

May 2, 2013 8:55:03 GMT -5 v said:

But what's the alternative for people who live in cities where single-family dwellings cost many millions of dollars?

um, yes.  

also, my grandparents were in a co-op in Breezy Point NY, one of the worst hit areas after Sandy, and they got some federal aid.  Not the full value of their shares, unfortunately, but still something.  ok, the article says "largely barred from receiving aid" but they still got around 50K from various grants.

[hocus2]

The cheapest houses in my area are 15 min walk the subway and are very small (~1200). They cost >600,000.  A 1200 SQFT co-op near the subway runs about half that.

Honestly you can't really avoid considering co-ops in NYC.

[LoveTrains]

May 2, 2013 8:55:03 GMT -5 v said:

But what's the alternative for people who live in cities where single-family dwellings cost many millions of dollars?

The alternative should be that Congress fixes this law that bars co-ops from receiving FEMA aid.