Last December brought a long-awaited victory for New York City. Our City Council adopted the historic City of Yes housing plan, paving the way for more than 80,000 new homes by 2040 with the promise of affordability. As a longtime resident of Flushing, Queens, I naturally welcomed the news – it’s a much-needed reprieve for New Yorkers as housing costs continue to soar in the midst of an unparalleled housing crisis. But entering 2025 on the heels of this win, we residents at Murray Hill Cooperative remain at risk — our lives are virtually unchanged because we belong to the last class of unprotected “tenants” as ground lease co-op residents. Without legislative action, more than 25,000 New Yorkers face the threat of losing their homes — homes that we own — to landowners seeking to raise our ground rent to astronomical rates.
As middle-class families, my neighbors and I own our apartments, which is the standard for all residents in a housing cooperative. But along with thousands across the state, we lease the land beneath our buildings to landowners, a situation that’s unique to us ground lease co-op shareholders. Despite owning shares in our building, taking on the responsibility of maintenance, capital repairs and renovations — and even taking out home loans like typical homeowners — we still lack the protections granted to renters and homeowners, respectively. As a result, many of us are in danger of predatory rent hikes simply because our buildings sit on land bound to ground leases that are soon to expire. This issue isn’t theoretical – it’s already affecting our lives, especially for those of us in the outer boroughs but also in other areas like Carnegie House Co-op in Midtown.
Our building in Murray Hill, Flushing, which has stood proudly since its construction in 1954, stares down a precarious future as our 99-year ground lease reaches its expiration in 2053. For nearly 70 years, we have enjoyed the stability of our cooperative community. But this foundation is at risk as our landlord threatens to dramatically increase our rent or take back the land, placing all our homes in jeopardy. Currently, shareholders like myself find ourselves trapped, unable to sell our apartments at market value. Prospective buyers encounter significant barriers as banks are increasingly unwilling to approve mortgages for co-op apartments right on the cusp of a ground lease renewal. The looming expiration and uncertain terms make our homes undesirable in the eyes of financial institutions.
In addition to the challenges of selling individual units, families at Murray Hill Co-op have to jump through significant hurdles when seeking loans for essential repairs and maintenance. Banks are reluctant to offer financing, stalling necessary upgrades and structural improvements throughout our aging building. The circumstances work against us threefold: diminishing our quality of life, wearing away the state of the building, and rendering it even more unsellable to compound the overall problem. Moreover, even if our cooperative attempts to negotiate a lease extension or purchase the land, financing is typically unattainable due to the complex nature of these transactions. The result is a devastating cycle: we can’t sell our apartments, potential buyers can’t secure loans, and our equity diminishes with each passing year. Right now, state lawmakers have an opportunity to support policies that will allow ground lease cooperatives to purchase the land beneath our buildings and secure reasonable annual rent increases.
The cooperative housing model continues to provide a pathway to affordable homeownership and fosters community stability, fulfilling its original purpose decades on. As our homes and way of life fall under attack, New York must protect ground lease co-op residents during the current legislative session in Albany. Last spring, Senator Liz Krueger and Assemblywoman Liz Rosenthal introduced legislation to safeguard ground lease co-op residents around the state. If passed, it would only serve to complement the ground lease renewal bill our Queens representatives, Sen. Stavisky and AM Braunstein, successfully passed last October. However, failure to act will not only strip families of their homes and sink investments but also exacerbate housing insecurity across our city.
I urge my fellow co-op residents, community leaders, and concerned citizens to join me in raising awareness of this critical issue before any more of us lose our homes. Ground lease co-op residents need New York to rally behind us. Let’s pass this legislation and work toward meaningful reform that preserves the cooperative way of life for future generations.
*Michael Tang is a longtime resident of Murray Hill Cooperative in Flushing, Queens, and a member of the Ground Lease Co-op Coalition, a non-partisan coalition of co-op owners all over New York State advocating to save their homes.
