Unfortunately, there's more bad news:
Since the "Board" decided (apparently without thinking about it) to substantially raise the monthly Maintenance fee (described in another post below), the chatter in the lobbies of the buildings can only best be described as despair:
--some Shareholders who "got wind" of the Boards actions before it happened (MANY did not, or were not aware of it even after it happened) put their co-op apartments on the market almost immediately. Since the vote, many more will be doing the same; seniors who have lived at HH for decades, now living on fixed income with limited savings, are now scrambling to figure out what to do next;
--Realtors handling these sales have been quietly told to seek out "cash buyers only," since anyone who has to pay a monthly loan payment AND the enormous Maintenance fee will ultimately be overwhelmed;
--talk of a Recall Vote for the entire Board is actively being discussed, however, the bylaws require a high percentage of all Shareholders to vote in the affirmative on the Recall (if a high percentage of Shareholders were to get involved generally, the complex wouldn't be in the position it's in now);
--several apartments in some buildings are already vacant, and have been for a while, seriously cutting into the finances of the complex; this may be made worse by apartments which are being rented out by Shareholders, if their tenants decided that the massive increase in their rents is now way too much, and they essentially walk away from the apartments (which has already happened);
--some are asking, "Would bankruptcy be a better alternative?" No one knows the answer to that serious question, or are afraid to answer it.
This, below, is taken from the local news outlet, the "Horizon Times," giving a brief description of the public meeting at which the Board raised the the Maintenance fee. Note how this Board refused to distribute detailed information to those in attendance, essentially saying that Shareholders (who are paying for it) can only have the info AFTER THE CONTRACT IS SIGNED, for some reason making it all a big secret and forcing the question of the legitimacy of the spending:
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Ratification of 30 year Reserve Project - 9/29/25
The Board is Confronted on Multiple Fronts at
the Public Meeting last night to ratify Nearly a
Quarter Billion $$ in Spending over 30 Years.
On Sept. 29, 2025 the board held a public meeting to
formally ratify the $230M 30 year spending project
for Horizon House. Many Shareholders including
all past board members from the previous board and
shareholder activist, Katherine Howie, voiced
opinions and asked detailed and cogent questions
during a very heated meeting. The board did not
distribute a printed detailed reasoning, timeframe,
work description, and costs for each project
component, e.g. risers. This information would be
in the contracts signed along with any qualifications
and guarantees of the vendors. The board did not
indicate why this information and the details of any
proposed bidding process was not released prior to
ratification. 1 photo of a badly rusting iron riser
pipe was shown. read more