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Legislating the Co-Op Rejection Process

Few things say New York City like a juicy co-op board rejection. The idea of a group of strangers, sitting in a room perusing your tax returns for the last 44 years, then deciding to reject you because they don't like the color of your hair—so best! So excuse us if a pending City Council bill to make the co-op rejection process "more transparent"—by forcing co-op boards to give a reason for rejection—strikes us as so much sweet dreaming. (Suggested catch-all rejection reason: "Not rich enough.") One upside: co-op boards would be forced to act on applications within six weeks, or the prospective buyer would be automatically approved. Muffie, say it ain't so!
· The Rules of Rejection [New York Mag]