Although the photo quality isn't great, the retaining wall looks great this morning. Why is this important? Over the years I've lived here, this wall was constructed and then failed. My co-op needed to repair it, and I was one of the loudest advocates for this repair. The repairs were finally completed while I was on my cruise.
Why is this important?
Given retaining wall failures which have affected the commuter rail line I live near, the last thing I want to see is a preventable landslide which could either destabilize our building, negatively affect downhill neighbors, or both problems.
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As I've noted in the past, I live in a naturally occurring retirement community (for many of us long term residents), as apartment ownership has proven the best investment for our needs. We know that someone else has to take care of the property, and that we can reside in the apartment as long as we are able to pay the maintenance. (I won't get into other issues for leaving in this discussion.) And that's where the problem lies. Most of us, myself included, live on fixed incomes. Older people usually have fewer resources to draw on, and are least likely to afford maintenance hikes or property assessments.
Most co-op boards have to balance the needs of their shareholders. Do we raise maintenance charges, knowing it might be a hardship for some? Do we apply an assessment for needed repairs, as we did when we had to replace our windows many years ago? Do we defer maintenance, so that we don't have too many bills being presented to the co-op at once? There are so many things a co-op board must address, and there is no way we can make everyone happy.
I am lucky to have the resources to pay my bills (and a little bit more). Many others are not. The position a co-op board member has to take is similar to being a fiduciary - one must act in the best interest of the client, and not of his firm. In my case, my responsibility is to the health of the co-op, and not any one individual member - including myself. That's why I pushed for repairing the retaining wall as much as I did. And now it's done...
