Be an “Owner”

Estate of Pitts, California Supreme Court, 1933 holds that members of housing cooperatives “own” an equitable real property interest.

There is NO California case that holds tenants of a mobile home park purchased by a non-profit housing sponsor via tax-exempt bond financing have any equitable real property interests.

What does this mean? It means, the best deal is to sign up for the co-op. Be an “Owner” and not a “Renter.”