if I understand correctly, this is a kind of cooperative model. this is something that has been massively propagated here in Germany for decades, but which people with a little sense have rejected for themselves. as you say, pure communism.

TomK

econ

By the time Moody's reacts things are usually beyond control.   The spin is that NYCB is an anomaly because it's troubled loans are multi family rent controlled. I never could figure out why anyone would invest in rent controlled real estate. Leaving your financial health to the whims of municipal bureaucrats who decide what you can charge for rent. Communism. 