Let Them Eat Cake

Published: Nov. 11, 2012, midnight

Too much subletting in a co-op can cause a whole host of problems, especially when it comes to finances. Buildings with low owner-occupancy rates often find themselves hit with lower property values and higher interest rates on their underlying mortgages. Fortunately, co-ops can write restrictions on subletting into their governing documents. But how do you do it? That’s the dilemma facing our attorney panel on the Habitat podcast. Our question comes from Yonkers shareholder Mike Pidel, who says that illegal subletting is even done by members of the board! What can he do to make them comply? On the panel this week, Habitat Publisher Carol J. Ott talks with Tara Snow, a partner at Novitt Sahr & Snow, and Al Taffae, a partner atf Racht & Taffae. Music: Dexter Britain, “The Lost Ones” (http://freemusicarchive.org/music/Dexter_Britain/Creative_Commons_Selection/The_Lost_Ones)