A regular apartment the owner gets the rent and then decides how to spend it (maybe on the apartment, maybe the mortgage of the building, maybe on a new sports car for themselves). In a renters coop the tenants pay “themselves” and they decide how to use the money. How much should they allocate for gardening, repairpeople, new buildings etc. It gets cheaper and cheaper at scale too. There usually is some democratic decision making-process involved where the tenants decide.
The tenants through whatever governing body that they chose. In lieu of a deposit there is a buy-in that gets you a membership in that body. This buy-in gets returned with an appreciated value if the tenant choses to move somewhere outside the renters coop.
I don’t understand the difference between a renters coop and a regular apartment.
Fair enough. For five percent, I’ll haggle with all the bureaucracy necessary.
A regular apartment the owner gets the rent and then decides how to spend it (maybe on the apartment, maybe the mortgage of the building, maybe on a new sports car for themselves). In a renters coop the tenants pay “themselves” and they decide how to use the money. How much should they allocate for gardening, repairpeople, new buildings etc. It gets cheaper and cheaper at scale too. There usually is some democratic decision making-process involved where the tenants decide.
Who owns the units?
The tenants through whatever governing body that they chose. In lieu of a deposit there is a buy-in that gets you a membership in that body. This buy-in gets returned with an appreciated value if the tenant choses to move somewhere outside the renters coop.