'A lot of people are confused.'
Residents of a Burnaby co-op building that was recently sold in a complex deal are concerned their housing charges are on the rise.
Yet some Post 83 residents are skeptical about the transparency of the process and are nervous as rates are set to rise. Members will vote on how to spend a previously set-aside investment fund of about $5 million, which could be used to subsidize some of the increased housing charges. The existing members have concerns this would divide the co-op between new members and old — the new members wouldn’t want to do the necessary shared co-op maintenance, like gardening, finance work or cleaning, if they pay substantially more than those with grandfathered rates.
Worries about new charges The members noted the new charges for the 1980s-built Post 83 suites will be close to the ones charged for newly built co-op housing. Higher rates won’t be the same as market value He said the new rates, even though they were rescinded immediately, are a fraction of what they would have been had the property been sold to a real estate investment trust.
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