With the COVID-19 measures taken, multifamily buildings, including coops and condos, may not be able to collect rents, maintenance, and common charges from those affected. Yet, property owners need to continue paying their bills. Will this jeopardize their ability to function?
Read MoreHave a Long-term Plan
Ask yourself, what is your ultimate desired outcome? Is it a more cost-efficient building, a greener building, more amenities to better compete with the new luxury condos or something else? Or, are you perfectly happy with the current state of your building and the yearly rate increase that you pass on to your residents and neighbors?
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