Common in New York City, but less so in Chicago, co-op residents are "shareholders" in the corporation that owns the building. Although residents do not own their units, they have the right to live there for as long as they hold stock in the corporation. Each shareholder is responsible for a portion of property taxes, building maintenance and any loans. Co-ops do tend to be more selective and exclusive because their bylaws often give the board the right to decide whether a prospective owner can buy into the corporation.
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