Recently, there has been a rise in cooperative ownership in New York City. As a result, the boards of co-ops play a more pivotal role in who may reside in the City. The New York State legislature is moving to limit discriminatory practices by board members. While it does so, this Note concludes that the legislature must also balance the co-op's interest to choose its shareholders. The Note advocates a "reasonableness standard" to judge purchaser rejection decisions.
Harvey S. Epstein,
Weisner Revisited: A Reappraisal of a Co-op's Power to Arbitrarily Prohibit the Transfer of its Shares,
14 Fordham Urb. L.J. 477
Available at: http://ir.lawnet.fordham.edu/ulj/vol14/iss2/5