Page 9 - New England Condominium July 2020

NEWENGLANDCONDO.COM NEW ENGLAND CONDOMINIUM -JULY 2020 9 Greater Boston’s Full Service Condominium & Property Management Firm 617-202-3815 admin@yifmanagement.com www.yifmanagement.com | • Competitive Customized Rates! 100% Transparency! • • No Unnecessary Fees! Guaranteed Communication! • www.RiskStrategies.com Specializing in Insurance and Risk Management Services for: For more information Contact Thomas Shields | Producer E: TShields@risk-strategies.com P: 781-961-0314 A: 15 Pacella Park Drive, Suite 240, Randolph, MA 02368 Bernie Gitlin | Executive VP E: Bgitlin@risk-strategies.com P: 781-961-0330 C ondominiums C ommunity A ssoCiAtions HoA C ommunities C ooperAtives www.RiskStrategies.com Specializing in Insurance and Risk Management Services for: For more information Contact Thomas Shields | Producer E: TShields@risk-strategies.com P: 781-961-0314 A: 15 Pacella Park Drive, Suite 240, Randolph, MA 02368 Bernie Gitlin | Executive VP E: Bgitlin@risk-strategies.com P: 781-961-0330 C ondominiums C ommunity A ssoCiAtions HoA C ommunities C ooperAtives www.RiskStrategies.com Specializing in Insurance and Risk Management Services for: For more in Thomas Shi E: TShields@ P: 781-961-0 A: 15 Pacell Suite 240, R Bernie Gitlin E: Bgitlin@r P: 781-961-0 C ondominiums C ommunity A ssoCiAtions HoA C ommunities C ooperAtives 185 Devonshire Street, Suite 401, Boston, MA 02110 Quality Representation at Reasonable Rates. (617) 988-0633 Contact Attorney Frank Flynn: FRANK@FLYNNLAW-NE.COM Flynn_E4C.qxp:Layout 1 12/8/14 2:30 PM Page 1 ample, www.cooperator.com/article/co-ops- condos-hoas-ppp-loans.) In a May 26 letter, U.S. Rep. Eliot Engel of New York, along with U.S. Sen. Chuck Schumer and U.S. Rep. Al- exandria Ocasio-Cortez, appealed directly to U.S. Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza, claiming that the SBA had issued “conflicting guidance” over PPP eligibility for co-ops. Engel, whose congressional district includes the northern part of the Bronx and parts of Westchester County, New York, including Yonkers and New Rochelle, said in a previous letter on the subject, “\\\[C\\\]o-operatives themselves—which have employees and operating expenses just like any small business—should be eligible for the same relief made available to other small businesses. That includes the Paycheck Protection Program and other loans admin- istered by the Small Business Administration.” Also up in the air is the exposure to legal liability that co-ops and condos may face as both employers and housing providers. As reopening plans proceed, boards are also reopening amenities that were closed or re- stricted to prevent the spread of coronavi- rus—or are putting plans in place to do so. The question on everyone’s mind is whether opening—or not opening—these spaces and services will subject them to lawsuits either al- leging negligence or alleging denial of rights. With so many nuances to such claims and little legal precedent to rely on, boards may have to assess whether their exposure rises to the level of needing a specific reserve fund for legal defense and fees. In Conclusion In the fall, when most associations will be approving their budgets in the approach to the end of their fiscal years, perhaps there will be a little more certainty around the many considerations that the pandemic has raised. On the other hand, the unrest around social inequalities and policing, along with the potential for upheaval around the presi- dential election in November, might usher in changes and considerations as yet unforeseen. But even in what we used to understand as ‘normal’ times, a budget is ultimately a best guess—and change is a given, no matter what the circumstances. n Darcey Gerstein is Associate Editor and a Staff Writer for New England Condominium. of cuisine, culture, and entertainment that they are. But what if nothing’s open? Or the experience of sitting in a restaurant or theater is stressful? What if great urban pastimes like window shopping or taking in a concert are now anxiety-provoking? City-dwellers are often quick to counter complaints about the cost and hassle of living in a crowded metropolis with ex- amples of all the amazing things one can do and see in the big city and nowhere else. But, says Eisenbach, “With all the frustrations and expenses of living in \\\[a place like\\\] New York City”—or Boston, or Miami, or any number of other destina- tion cities—“what happens if there are no perks?” Eisenbach points out that a big test of the durability of urban lifestyle will be whether schools can reopen in Septem- ber. Governors, mayors, and city coun- cils are taking different approaches to the question, “but it’s not looking good,” says Eisenbach. After all, if offices and schools aren’t open, or if your office allows tele- commuting, you might be inclined to reassess whether living in the heart of a major metropolitan area is necessary—or safe. And if that’s the case, a major reshuf- fling of residential properties may be on the near horizon. The Possibility of a Rebound Alternatively, “The default assumption by most is \\\[that the pandemic will have\\\] a negative impact,” says Jonathan Miller, principal of Miller Samuel, a national real estate appraisal and advisory firm, “but there is literally a shortage of empirical evidence for that assumption—and until the brokerage community is allowed to physically show property \\\[in more urban centers\\\], we won’t have that evidence. I suspect there will be a surge of contracts at that moment, and from that point on, we will see price discovery.” Miller does report, though, that “\\\[s\\\]ince we are in the middle of a global THE PRICE IS ...RIGHT? continued from page 1 continued on page 10