Turns out ComDani's tax on $5 million properties actually applies to $1 million condos too

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That makes this essentially a tax on everyone.

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And to think, there are idiots who dwell amongst us who think this guy and his ideas are awesome.

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That makes this essentially a tax on everyone.

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Co-ops make up roughly 70–75% of all residential buildings in New York City. That abundance, combined with the restrictions that come with co-op ownership, is a primary driver of the price difference buyers see in the market.

When you purchase a co-op, you're not buying real property — you're buying shares in a corporation that owns the building. Those shares give you the right to occupy a specific apartment, but they come with a layer of governance that condominiums simply don't have. That governance — the board approval process, the subletting restrictions, the financial requirements — narrows the buyer pool. And a narrower buyer pool means lower prices.

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The lower purchase price on a co-op doesn't always translate directly to lower monthly costs. This is one of the most commonly misunderstood aspects of the co-op vs. condo comparison.

In a co-op, monthly maintenance fees typically include property taxes and, in some cases, a portion of the building's underlying mortgage. Because the corporation owns the building as one entity, expenses are shared across all shareholders. This is why co-op listings show a single monthly figure — it bundles what condo buyers pay separately.

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