A friend of mine lives in a housing co-op which works something like this. Rent does not go toward profit: each renter becomes a shareholder in the organization, and rent may only be used to manage existing properties or to buy new properties and expand the network.
When a unit becomes available, existing members have the option to move into it before it will be offered to potential new members. Who gets it is decided by a formula based on need and seniority within the network. This might happen when, for instance, a family starts to need more space, or an elderly tenant would like to move to the ground floor.
It seems to work well, and makes me wish for more non-profit housing.
When a unit becomes available, existing members have the option to move into it before it will be offered to potential new members. Who gets it is decided by a formula based on need and seniority within the network. This might happen when, for instance, a family starts to need more space, or an elderly tenant would like to move to the ground floor.
It seems to work well, and makes me wish for more non-profit housing.