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BUS 383 - Limity Equity Co-Op - Final Paper 11.47

BUS 383 - Limity Equity Co-Op - Final Paper 11.47 - Liberty...

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Liberty Living Tackles the Issue of Affordable Housing in New York City Business 383 – Social Entrepreneurship – Final Paper Limited Equity Cooperatives by “Liberty Living” The phrases “living paycheck to paycheck” and “struggling to live on welfare” are much too prevalent in today’s society. So much so that hearing these phrases doesn’t stir up emotion and make people proactive, but rather gets put by the wayside. This is to be expected though, when a seemingly unsolvable problem continues to be passed around without any concrete solution. After all, how can one solve “poverty”, and make it so every person has an affordable place to live? It is impossible, however there are steps that can be taken to ease the stress of peoples’ lives, and with that I, on behalf of “Liberty Living” present to you, limited equity cooperatives. In short, limited equity cooperatives are a form of shared ownership housing. To elaborate, members living in this “community” will all have certain responsibilities, and work together to maintain the infrastructure as an entirety. Rather than owning an apartment, or a house, the members of this cooperative own a share of stock, and therefore they are essentially leasing the living accommodations for any length of time. When the stock owner wishes to move out, they are able to sell their stock to a new owner. In essence, the limited equity cooperative acts as a separate community, and helps serve the needs of a wide array of people. In writing, the concept of a separate, affordable community living establishment seems too good to be realistic; and if they exist, why haven’t more been established? Therein lies the issue – establishment. Establishing a limited equity cooperative takes great funding, appropriate space, and functional establishments to even begin to the process of creating a new community. Along with those monetary and space issues, is the boundary of knowledge. With that, I mean that the limited equity cooperative concept (and I call it a “concept”, for they are not yet widespread) is not yet well known to the public, and skepticism and a lack of interest can
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certainly hamper the establishment of such a community. Liberty Living seeks to guide lower- income communities and wishes to help educate the general public on the great benefits that limited equity cooperatives have to offer – not only to those who personally partake in the living establishments, but also to local businesses wishing to integrate themselves within the community.
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