I am subleasing from a shareholder in a co-op building. We had to get full board approval including an interview. At the time, I asked to review the possible length of our extension. They said the bylaws state 3 years with a possible case by case extension and fee increase of 2 more years. We felt like the 3 years fit our timeline and if e loved it we may apply for the extension. We are just... [more]
I am subleasing from a shareholder in a co-op building. We had to get full board approval including an interview. At the time, I asked to review the possible length of our extension. They said the bylaws state 3 years with a possible case by case extension and fee increase of 2 more years.
We felt like the 3 years fit our timeline and if e loved it we may apply for the extension. We are just finishing our first year lease and the board just met and changed all the sub leasing rules. No new subleases will be approved and current tenants will only be granted a 6 month lease after their lease is over.
I feel very deceived by the board change. It seems like our shareholders disagree but have not been able to fight it. what power do we as tenants have in this situation. Essentially our lease ends July and they will only give us 6 more months after that,
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