TESTIMONY
Edward Yaker, Chair of the Coordinating Council of Cooperatives, on the Critical Need to Reauthorize the J51 Program for Affordable Housing Cooperatives
2:11:59
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82 sec
Edward Yaker, Chair of the Coordinating Council of Cooperatives, testifies on the dire situation facing affordable housing cooperatives due to rising costs.
- Affordable housing cooperatives are confronting significant cost increases, with some facing hikes of 40-50%
- Yaker's own cooperative faces a 45% increase, largely driven by capital work and compliance with local laws
- The J51 program has been crucial in helping cooperatives manage costs
- Failure to reauthorize J51 would place an additional burden on affordable housing cooperatives already struggling with affordability
Edward Yaker
2:11:59
Hello.
2:11:59
I'm co I'm chair of the coordinating council of cooperatives.
2:12:04
And I see and hear from a lot of coops, affordable housing coops in the city And I don't know if the council is aware of how unaffordable affordable housing is becoming.
2:12:20
And My co op is HCR supervised, way hearing of increases of 40, 45, 50% increases.
2:12:31
My own coop is facing an increase of 45% now.
2:12:37
Much of that has to do with capital work, maintaining our infrastructure, some of it driven by much of it driven by local laws, such as local OR 11, which don't get me started, is overly strictly enforced.
2:12:53
But j51 has been helping us to reduce our cost.
2:13:02
If we need j 51 to be reauthorized, and what I would say is if it is not reauthorized, the city council will be adding another straw or waspraz to the camel's back.
2:13:17
Please reauthorize j 51.
2:13:20
Thank you.