Alan Kazlow Quoted in The New York Times "Does Anyone Regulate Co-op Board Actions?"

Alan Kazlow was quoted in the Real Estate Q & A section of The New York Times in the July 18, 2008 issue of the paper.  Alan answered a question from a letter writer who asked whether there was a state or city department that oversees the actions of co-op boards to make sure they are not doing anything illegal or unethical.

Alan answered that "Generally, a privately financed cooperative housing corporation is not subject to oversight by any federal, state or local governmental authority after the property is converted to cooperative ownership." However, he noted that if a shareholder believes a board or board member is acting illegally, he or she can challenge the action in court.  If it's determind that the person is acting unethically but not illegally, the only recourse would be to remove the board member at the next election of directors.