Why should you own the place you live in? Something like a housing cooperative is great.
In housing cooperatives, don’t the residents own the building jointly?
I think the original source specifies owning, not renting, because in American capitalism, if you don’t own the place you live, the owner has a lot of power over you and a lot of ways to abuse that power. Renting sucks.
It depends on the cooperative, but the most common one, is that the cooperative owns the building and only residents can own shares. Those shares are only for sale to future residents and can only be bought and sold from and to the cooperative. Hence no free trading. Generally for older ones they tend to be rather cheap.
So yes the building is somewhat owned by the residents, but in many cases it is deliberatly turned into an awfull asset, which is unprofitable for the owners.
In housing cooperatives, don’t the residents own the building jointly?
I think the original source specifies owning, not renting, because in American capitalism, if you don’t own the place you live, the owner has a lot of power over you and a lot of ways to abuse that power. Renting sucks.
It depends on the cooperative, but the most common one, is that the cooperative owns the building and only residents can own shares. Those shares are only for sale to future residents and can only be bought and sold from and to the cooperative. Hence no free trading. Generally for older ones they tend to be rather cheap.
So yes the building is somewhat owned by the residents, but in many cases it is deliberatly turned into an awfull asset, which is unprofitable for the owners.