dISGRUNTLED BY JJ fAX

1
HOUSING COMPANY. INC.
EAST24th STREET • NEW YORK, N.Y. 10010 THL (212) 679-4342FAX (212) 689-7635
27, August 2007
To All Cooperators.
Subject: Response to False Charges
A small group of misguided people seem determined to unfairly attack the Board on almost a daily basis. The latest attacks include suggestions that the board "and their cronies" are "profiteering" from the privatization process. These allegations are completely false.
Three groups will benefit from a private EMP. 1. EMP shareholders who will sell their apartments and keep roughly 55% of the fair market value of the unit. 2. EMP shareholders who will stay in the private EMP and will receive the benefit of the 45% flip tax which is intended to eliminate any maintenance increases. 3. EMP shareholders who choose to remain in EMP as renters for life with limited rent increases tied to rent stabilization guidelines.
Each and every member of the Board will fall into one of the three groups above. That is how we will benefit from privatization: the same way that every shareholder will benefit.
The Board will not and cannot profit from privatization any other way.
As for questioning the Board's integrity, we won't debate that with this group. Everyone on the board is dedicated to smart and honest leadership of our community. No one has any truthful information to the contrary. A small group of our neighbors is challenging our integrity by engaging in defamation and shameful character assassination.
In response to this small group, we would like to quote Joseph Welch in addressing Senator Joseph McCarthy in regard to his false accusations and slander of honest Americans in the 1950's:
"Have you no sense of decency...? At long last, have you ...no sense ofdecency?y yours,fiJelrold E Fox President