Mayor takes a firsthand look around the troubled Co-op City
Bloomberg visited Co-op City Thursday to get a closer look at the problems plaguing the complex.
Co-op City residents were happy to see the mayor but realize not even New York City's leader can solve the problems of the cooperative. Co-op City is faced with massive debt and a crumbling infrastructure. Just about a month ago, the mayor stepped in to help Co-op City's management, Riverbay, out of a parking garage crisis.
For the 65,000 people who live in Co-op City, aging elevators and non-working backup generators are just a few of the issues they must deal with. Although the city can help intervene in a crisis, it cannot help finace Co-op City's repairs.
Right now, Riverbay must decided whether to privatize, raise maintenance fees or turn to the state for a loan.