in the 1980’s while Mario Cuomo was NY Governor, there was a huge drive to convert many rent stabilized buildings to cooperative apartments, 1000’s were converted. Many were working class buildings.
Since that time there has been no state agency to oversee the complaints of shareholders concerning the management of their building and money. This became very evident when Andrew cuomo was AG , but the AG’s office has refused to even look into complaints of self dealing, conflicts of interest, fraud, mortgage fraud.
There is this huge real estate money sucking black hole and no government oversight. The management companies, many who were the original sponsors have tuned the building into a huge cash cow.
It is the the perfect arena for theft, since shareholders are scared to make noise and lose their investment.
The yearly audit is a pure pony show, as they just OK the documents that are given to them, they perform no investigative work
Think about it, hand over the reigns of the buildings to board that no nothing, the answer is all fraud.