Co-op Parking Space

Co-ops that own their garage spaces and rent them out (or derive income from them through an arrangement via a parking operator) should charge shareholders market rate for spaces, unless the price advantage of a cheap space for shareholders is appropriately priced into a co-op unit's sale price or maintenace (I.e., a unit that 'comes with' or is 'highly likely to promptly obtain' a parking space). To do otherwise puts some shareholders (non-parkers) in the position of subsidizing other shareholders (parkers) expenses, as a result of co-op maintenace expenses that are not offset by the potential extra income from the parking spaces. I'd be interested in hearing from a lawyer why a challenge based on the unequal allocation of expenses wouldn't be successful (other than the "business judgment rule" defense), since the co-op controls the allocation of spaces (either because they run the waiting list, or determine how many spots are set aside as 'subsidized car housing' for tenants.)

Do most co-ops charge market rate and/or have a waitlist this long? Also we don't have a garage, this is a parking lot for co-op members only.

It's pretty common to see below-market prices on parking and consequentially long wait lists for co-ops in NYC!

When I had a space in my co-op, it was close to market rate, but highly desirable even if they charged above market. No attendants to damage your car, entire place on camera that the doorman watches and nobody to tip every time you use the car. Oh - I would have paid 2x market - my cars looked like new for years and years.