agreement, you "What will be the consequences for me and my family?" You can be pretty certain that the.State will dissolve our resi~ dent Board of Directors. You also 6 can be absolutely sure you will O not pay a 20 percent rent increase this year. Instead, the State will impose at least a 30 percent rent increase. What's more, they will develop the habit of pushing rent increases upon us every year. A 30 percent increase is a much larger increase than the 20 percent that is now part of the agreement. Also, if the · State were to impose future increases year after year, they certainly will be larger than 16 percent and most likely larger than the 20 percent that's in the agreement now. We must seriously consider that if we vote no, the State would re-evaluate the once-impending $80 per room increase .Jor one year as they stated in their letter to some cooperators. Now, that would be a lot more money out of your pocket this year than the 20 percent that is in the- proposal at this moment. Also, a No vote on the settlement would take away the State's responsibility for paying for ccmstruction · defects and place .ít in our hands. Have you gone out and priced
Wè Also, you can aud electric being included your rent. Some of the apartments that they looked at could only be reached by car and that's another expense - gas, and car repairs. I was told that some of the apartments they saw were situated far away from shopping areas. You 'bad to truce your car to buy a newspaper or a loaf of bread. There is a provision in the settlement for the development of legislation to assist those who might find themselves in a financial bind because of the increases. The negotiators have considered and provided a means to prevent any cooperator from being caught in a situation of desperation. Some reckless and irresponsible groups are screaming half truths and urging cooperators to vote No and to strike. I remember the Rent Strike. I remember that many fine families moved away. I remember that we lost a great many young families. I remember the strike leaders who promised us heaven and left us with much to be desired. I remember the strike leaders who changed into politicians and business tycoons. I remember the $4,800,000 in uncollected rents that created a scandal. I remember the 780 vacant apartments that stayed va-
BARTOW JEWEL.ERS
LES
353-6010
causes
Plaza
This new agreement calls for an immediate $10.27 increase. For those who like percentages, it is 20 percent higher than the last increase. But I don't necessarily like percentages. You can't deposit percentages. You can't spend percentages. You.can only spend dollars. Let's talk about dollars. I know that in a little over four years I will be paying about $85 per room each month or $552 per month for my three-bedroom apartment, (about 60 percent higher than now for percentage lovers) without garage. Add in garage and my dishwasher and my hall closet and I am going to be. paying over $600 a rr.iônth. Let's go back to my base rent of $5.52 a month. If I make $25,000 a
air
Des.· ners
The final solution year, I will be paying more than one-quarter of my salary in rent. If I make $20,000 a year I will pay one-third. And if I earn $15,000 a year I will be giving 44 percent of my pay "to Riverbay for. rent. Does anybody really think the State will subsidize families making $15,000 a year? Let's look beyond four years. Let's talk about six years from now. Many of us will say six years is too long in the future to worry about. Well, I hope to be living here six years from now and many of you hope to be living here in six years. If this settlement goes into effect, our rents will be more than double in six years because we will be on economic rents and repaying accumulated deficits. And that is a conservative estimate. I wonder why this minor item was left out of our newspaper? Using the State's OV\111 deficit figure of between $35 and $40 million (which is based on an inflation rate of only 8 percent a year) and $20 million in tax arrears ( the Qty claims arrears well over $30 million) and using lower than current interest rates, I estimate that in a little more than six years economic rent will be between $105 and $110 per room, per month, My apartment will. be going for $700 a month and I will be going out of Co-op City along with others.
while you wait
money Bartow Avenue - Shopping Center No. 2 with our unreturned rent strike donations? Also, when the State starts legal action against you for withholding your rent, are you prepared to obtain a lawyer for As shown in Co-op City's your legal defense? 'Do· you believe that the State will be tåken Model Apartments by surprise as they were in the last rent strike? Ask those that FREE Shop at Home Service say vote .No what alternatives they are prepared to present to you and your family. We don't say no when the cost of chickens, bread, vegetables and other food staples rise with inflation. We don't say no, I won't buy the coats, the pants, or the Rangehoods shoes I need when the prices go All Colors up. The cost of inflation is a reality that affects everything, Rock Bottom Prices Co-op City including housing. By the same Great Serviç_~ token, we can't say na to housKitchen Cabinets ing. The other side of the coin is ~lip-on Mirror Fr~;e~ that this is not the easiest pill to swallow. Like any other increase, inflation us problems. Bathroom light fixtures Consider all the facts and the alternatives in the real world we live in. It is realistic to say that this is the best agreement that could be obtained in the condi·ee lnstaDlations tions of today. This is why my NOBODY SEU.S FOR LIESS! neighbors and myself are voting , • ,. ,. ,. ,. ,. ,. ,. .. ,. "' .. 'lit .... "' .... ,.,.,." .. ,."',.,.,.,.,.,.,. ,.11 .. "" .. "" """,.,. .. ~ YES. Don't you think it is in the best interest of you sand your family to vote YES? e
View from the Board
By Jooi Dæmenberg The State and the Board of Directors have reached a settlement which I can the final solution of the Co-op City problem because it ends forever our hopes for rent stabilization and will lead to the destruction of our community as we know it. I won't mention anything political with regard to the settlement except to say that the last agreement brought with it an increase of $8.56 a room each month for 27 months plus a $50 equity overcall, which has been repaid to every cooperator who has moved out of Co-op City.
sét Diamcmds
4012B BOSTON ROAD (in Shopwell Plaza) BRONX. NY 10475
Those members of the Board that support this settlement say that it is good because of "rampant inflation". We all know about rampant inflation. We all' know that it takes more money to buy less things. While prices are skyrocketing, our income has been increasing at a much slower pace, This settlement will mean that we will have to cut back on food and clothing and other necessities for ourselves and our families in order to pay the increases in rents. Our income won't be going up as fast as inflation. If inflation continues as it has, wage and price controls will probably be instituted. In fact, President Carter has already said that he may reduce the cost of living adjustments on social security. With wage and price controls, rents will be frozen, but not the rents in Co-op City. We will .be locked into our agreement. The only thing this settlement does is give those of us who can afford it time to move out of Co-op City. Well I don't intend to be forced out of my home. At least not without a fight.
379-1166
379-1167
Hours Sun. by appt, only Mon. 12 noon - 8 p.m. Tues. - Fri. 9 a.m. until ... Sát. 7:30 a.m. - 8:30 p.m.
Fortunately, you, the people of Co-op City, will have a say in the matter. Your vote in the March 2(; referendum will determine the fate of this community and your homes.
MASTER CHARGE & VISA AT YOUR SERVICE
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