“You Simply Can’t Get Away Without Maintenance Increases.”

Yesterday we heard from co-op and condo board members who rigorously resist raising monthly charges; today we hear from counterparts who believe that regular raises, though unpalatable, are the only responsible way to handle a board’s fiduciary duties.  “In this day and age, you simply can’t get away without maintenance increases,” says Stanley Greenberg, an accountant who is president of the 1,024-unit Le Havre co-op in Queens. The Le Havre board raises monthly fees between one and two percent every year, which not only helps balance the budget but also allows the co-op to tuck away money in its reserve fund. “In the past year, we got hit with a 13-percent real estate tax increase, and the only direction labor costs will go is up. We also need a cushion for unexpected repairs, especially since we have 32 buildings, which is a lot to deal with.”    Read the article……………..