Co-op owners are now allowed to rent their apartments to other individuals. The Co‐op City deal, still to be approved by the tenants and Governor Carey, requires the residents to make a one‐time capital contribution of $50 a room to their own cooperative. Cities are changing fast. Cooperative City, Cooperative Community. Co-op City (short for Cooperative City) is a cooperative housing development located in the northeast section of the borough of the Bronx in New York City.It is bounded by Interstate 95 to the southwest, west, and north and the Hutchinson River Parkway to the east and southeast, and is partially in the Baychester and Eastchester neighborhoods.
Now a rent increase of more than 25 per cent has started a “rent strike” and made Co‐op City a symbol of the acute problems facing the entire state‐aided MitchellLama housing program. On December 10, 1968, the first handful of families moved into the original—and, at that point, only—high-rise apartment building at Co-op City in the Baychester neighborhood of the Bronx. In a city whose median home price recently surpassed $800,000, two-bedroom apartments in Co-op City go for just $20,000 down to income-qualified applicants.
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