Amalgamated not deteriorating

To the editor:

Based on repeated letters to the editor by Jay Hauben, readers of The Riverdale Press may be wondering, “What’s going on at the Amalgamated?” Let me assure our neighbors that the Amalgamated is still going strong and the vast majority of our cooperators are very happy to be here.

Yes, we are having a carrying charge increase and yes, we are refinancing our mortgage. Like most limited-equity cooperatives such as Mitchell Lamas, we did not re-invest enough money in our buildings, and now we have millions of dollars of capital work that must be done in the next few years. The new mortgage will fund the work that must be done now and set us on a course for the sustainable maintenance of our property for the future.

Each reader of The Press has his or her own housing expenses, whether they are single-family homeowners, co-op shareholders or renters. At Amalgamated, after the increase the average carrying charge will be $210.56 per room per month. That means the average one-bedroom apartment will be about $737, a two-bedroom about $948, and a three-bedroom about $1,158. Keep in mind that these carrying charges include gas and electricity.

You can decide for yourself about “deteriorating affordability” at the Amalgamated.

ED YAKER

President,

Amalgamated Co-op Board