In a 6-0 decision the NYS Court of Appeals ruled against EMP in it’s bid for privatization. The court ruled that:
- The privatization vote must be by apartments, and
- The Attorney General has the right to use the Martin Act for privatization issues.
http://www.nycourts.gov/ctapps/Decisions/2012/Nov12/187opn12.pdf
First, Thanks to the board and the EMPTCA all of whom worked so hard to do what was mandated and desired by the extreme majority of EMP cooperators. This is so sad and unfortunate that due to the uninformed opinion and bitterness of really just one person here at EMP that this failed. Let’s see if the politicians who rallied against us and tried to save what they claimed to be affordable housing (not like the thousands of rent-stabilized low rise buildings that they allowed to be turned into luxury and unaffordable condos to benefit their wealthy real estate developer buddies) are around when we need money for major repairs like the plaza reconstruction. What will likely happen is large assessments will be needed to finance these projects and everyone’s monthly bill will go up or in lieu of this, our beloved EMP will crumble into the ground!
I’d like to hear that the Board is back to its drawing board and trying again to secure privatization.