You can still live on a property you don’t own without having a landlord. Housing cooperatives are a collective ownership of the property where you elect a property management board from the residents and pay a membership due for living there. There is no profit or excessive rent because it’s all money that belongs to you collectively.
In a co-op, you are a partial owner of the property. You still have to go through all the hurdles to get a mortgage, but it’s not difficult. Plus you have to deal with the risk of other co-op members defaulting on their loan. And you still have to participate in the maintenance and responsibilities. It’s not as simple as just renting a place.
Not all co-ops function that way. There are co-ops in my city exactly as I described. The process is even similar to applying to an apartment.
Edit: because the capitalist system is a fucking leech I had to look up the different types. I’m referring to “non-equity” co-ops. You’re referring to strata co-ops. Imo, those defeat the point of cooperatives.
You can still live on a property you don’t own without having a landlord. Housing cooperatives are a collective ownership of the property where you elect a property management board from the residents and pay a membership due for living there. There is no profit or excessive rent because it’s all money that belongs to you collectively.
Have you ever lived on a co-op?
In a co-op, you are a partial owner of the property. You still have to go through all the hurdles to get a mortgage, but it’s not difficult. Plus you have to deal with the risk of other co-op members defaulting on their loan. And you still have to participate in the maintenance and responsibilities. It’s not as simple as just renting a place.
https://www.ratehub.ca/blog/the-pros-and-cons-of-buying-a-co-op-property/
Not all co-ops function that way. There are co-ops in my city exactly as I described. The process is even similar to applying to an apartment.
Edit: because the capitalist system is a fucking leech I had to look up the different types. I’m referring to “non-equity” co-ops. You’re referring to strata co-ops. Imo, those defeat the point of cooperatives.