City Staff Ideas Challenge
#nycspeaks2022 Share your ideas for bold actions the Mayor should take
Ban HDFC co-ops from requiring only all-cash offers for apartment sales
HDFC apartments are on sale all over the city. However, many sellers would not even look at any offers other than all cash offers. Real estate agents tell interested buyers that they will only accept all-cash offers and NOTHING else due to "city regulations." Many New Yorkers do not have at least $95k in cash lying around to spend. HDFCs were meant as a gateway to affordable homeownership for low-income NYers, but now not even the well-off can pay for these apartments.
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