We are residents and shareholders of cooperative apartment buildings in Northwestern Bronx, New York City.

Our buildings are currently facing severe financial strain due to the combined compliance costs of:

• Local Law 97 (building emissions reduction mandates), and
• Local Law 11, also known as the Façade Inspection & Safety Program (FISP)

Each of these laws individually imposes major capital expenses. Together, they are creating an unsustainable burden on co-op shareholders, many of whom are retirees, working families, and long-time NYC residents on fixed or moderate incomes.

Co-ops cannot pass these costs to tenants. Unlike condominiums, many co-ops have limited access to outside capital and rely directly on shareholder assessments to fund mandated work.

As a result, shareholders in our neighborhood are now facing multiple assessments totaling tens of thousands of dollars per apartment in order to comply with city mandates that, while well-intentioned, did not account for the financial structure of cooperative housing.

These are not discretionary upgrades. These are legally required projects with strict deadlines and penalties.

The Problem Unique to Co-ops

Cooperative buildings were not designed to function as capital-raising entities. When faced with simultaneous façade restoration (Local Law 11) and energy retrofit requirements (Local Law 97), the only mechanism available is repeated shareholder assessments or increased maintenance fees.

This is causing:

• financial hardship for long-time residents
• shareholders forced to consider selling due to assessments
• reduced property values in co-op buildings
• disproportionate impact on middle-class and senior New Yorkers
   

Our Request

We respectfully ask our City Council Member to introduce or support legislation that provides targeted financial relief for cooperative apartment buildings facing overlapping compliance costs from Local Law 97 and Local Law 11.

Specifically, we ask for consideration of:

• a city subsidy or grant program for co-op buildings undergoing mandated Local Law 11 and Local Law 97 work at the same time
• a property tax abatement or credit tied to these mandated capital improvements
• a hardship relief program for co-ops where assessments exceed a reasonable per-unit threshold
• access to low-interest city-backed financing specifically for co-ops facing these mandates
• without relief, these laws risk displacing the very residents cooperative housing was meant to protect.

We support the goals of building safety and environmental responsibility.

We are asking the City to recognize the unintended financial consequences on cooperative housing and to provide a path that allows compliance without financial devastation to residents.

Signed,
Residents and Shareholders of Co-op Buildings in Riverdale