New York landlord accused of running sham co-ops, overcharging renters for decades

Ben Lane | January 29, 2019

New York landlord accused of running sham co-ops, overcharging renters for decades
Two New York City co-op corporations overcharged renters for decades by operating apartment buildings as for-profit rental buildings instead of as co-ops, the New York Attorney General said recently.
According to New York Attorney General Letitia James, the two buildings in question were converted from residential rental buildings to co-ops in the late 1980s, but shortly thereafter, the co-ops stopped selling shares as they are required to do to operate as a co-op.

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