When co-op and condo boards refuse to hold annual elections, shareholders aren't as powerless as they might think. Thomas Smith, partner at Smith Buss & Jacobs, walks through the legal and political strategies that organized residents use to force boards out of power, from Sunday night meetings in laundry rooms to a little-known provision in the Business Corporation Law that doesn't even require a quorum. You'll discover why lawyers require shareholders to put money on the table before taking their case, when courts will intervene immediately, and how one year-long grassroots campaign in the Bronx ultimately exposed fraud and overthrew an entrenched sponsor. Whether you're watching your own building's dynamics or just fascinated by co-op politics, this episode illuminates how power shifts when residents finally organize. Habitat's Carol Ott conducts the interview.
The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges. For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!
