The Case for a Co-op Conversion

I offer this as counterpoint to the TA Board which presented a case in favor of a condo conversion.
1. Co-ops are much less expensive.  Lower base prices and much lower closing costs.  Means more tenants would be able to buy.
2. Co-ops are usually very restrictive when is comes to subletting.  This is a plus for me.  Fewer absentee owners, less subletting to students, fewer packed units, less noise.
3. Co-op populations are generally more stable, more oriented toward community.  Again, a plus for me...more the way things were.  Higher turnover for condos, higher degree of mobility.
4. The default rate for large co-ops is almost non-existent.  There have been many individual condo defaults and in some cases whole buildings have been reorganized.
5. According to my calculations (subject to challenge), generally the percentage return selling a co-op is higher than the percentage return selling a condo. The condo may sell for more, but given high closing costs and higher mortgage balances, the percent return on your money is better with a co-op.
6. Lest there be any misunderstanding, 70-75% of the resident owned buildings in NYC are co-ops.  It's the oldest form of ownership dating back to the 1920's.

These are the main points for me.  Any statements about renters remaining stabilized or open spaces not developed strike me as a bit misleading.  Most every plan offered will likely be non-eviction with pledges not to develop open spaces.  Anything else would generate political thunderbolts.

I've said before.  I don't see any value in making an alliance with Brookfield or any developer for that matter.  I think a tenant advocacy group should be simply pushing for lowest possible prices and best service for all the tenants.  There has been no open community debate about any of this so far as I can see.  Hopefully that will change.