Better yet, The Business Corporation Law (BCL) is the main New York State law which governs how co-op corporations must operate. The decisions made by courts in cases involving BCL provisions are the case law which interprets the statute. You can find the BCL in libraries which is a great place to start to finding out if your co-op board is following legal procedures.
I hope this answer helped you and if you would like to speak to me more about it feel free to email me or call me directly.
Licensed Associate Broker
Depending on what neighborhood you are in, it can be a windfall for many. You just need to work out if it benefits you to sell now or later as the building becomes more valuable as more market rate buyers move in.
The first sales will still be below true market value, compared to other free market co-ops in the neighborhood because it takes quite a few years for the culture or perception of the building to adjust. Plus the Banks willing to finance the first few sales will not be as many as more and more free market purchasers buy in.
Do not sell now just because you can get a bit of money, unless you where planning on moving now anyway. Even if you stay and the building appreciates to where you can sell your apartment for $400,000 and you have to pay $200,000 back to the building, it is $200,000 you otherwise would not have gotten. In order to sell something you have to have paid for it in the first place; in this scenario you are buying at 50% discount in effect except that you did not need to go out of pocket to buy it!
I hope this makes it clear, please feel free to call me if you need further information.
Kathryn Lilly, Broker
Realty on the Greene, LLC