SALT & Co-op Stability

Started by Suzanne
over 6 years ago
Posts: 31
Member since: Mar 2007
Discussion about
So here's an apocalyptic question for your Saturday. Board approval is supposed to ensure that our neighbors have enough slack in their finances to keep paying their mortgages and building maintenance, even in a downturn, so that the rest of us won't have to deal with arrears or foreclosure. But how much slack? Various estimates say that the SALT tax deduction was $25k for the average NYC resident - or, per Gov. Cuomo, that NYers' tax bills will go up 20% under the new tax law. And Manhattan co-op owners are doubtless above average. So how will this hit affect co-op financial stability? Will buildings with "easy Board approval" - or even not so easy - have problems?