Snooty co-op boards loosen rules as demand slumps

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River House 130 million apartmentJanuary 25, 2014- The NYT reports that the co-ops boards in Manhattan, infamous for rigorous background checks ans arbitrarily rejecting people, are now allowance riffraff to purchase units. The other form of ownership, condominiums, have fewer restrictions, making the real estate more liquid. As the real estate market slumps, co-ops are loosing the rules too.

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