Word: ops
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Dates: during 1960-1969
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...Honolulu secretary plunked down $100 each for five co-op apartment options, quickly turned a $2,000 profit by selling them to other investors...
Subdividing the Air. Hottest properties are cooperative apartments, which can easily be turned into hotel space to meet the tourist invasion. One of the most successful builders of co-op apartment hotels is Kepokai (Hawaiian for pounding sea) Choy Aluli, 36, a lawyer who turned to real estate after he flunked his bar exams and was twice defeated for public office. Aluli saw the hotel boom coming in 1954. But when he tried to build a hotel, he quickly learned that high land cost and tight mortgage money made it difficult for a small developer to operate. He turned...
After Aluli and other co-op developers build their apartment hotels, they hire trained management teams to operate them, provide maid service and other amenities to the owners of individual apartments, who are then free either to live in them or to rent them to tourists. A typical two-room Aluli co-op hotel apartment costs $15,100, with $4,500 down and a $75 monthly mortgage payment for 25 years at 7% interest. An investor can earn 10% on his initial investment if his apartment is rented only 15 days a month...
...sort of gargantuan hoax," with one or two exceptions. (His own talk program, Alex in Wonderland, which is now being syndicated nationally, "is as refreshing as a breath of stale air in a vacuum.") As for people in general, they are "adenoidal baboons" caught in life's "erratically op erated sausage machine...
...over bitter co-op protests, Congress tried to close the co-op loophole by providing that co-op members pay personal income taxes on allocated profits even though they got no cash. But the courts ruled against this, holding that such allocations are untaxable because, being nontransferable, non-interest bearing, and payable only at the discretion of the coop, they have no market value. To head off real tax reform, co-ops now are willing for Congress to pass a new law, forcing co-op members to pay personal income tax on allocations but keeping the organizations themselves exempt...