Actually some of the Slackers in the Co-Op actually proposed that we eliminate rent or reduce to levels where the corporation would lose money and go bankrupt. However, the more levelheaded, studious and industrious in the Co-Op understood that if we failed to pay our mortgage that the Department of Education who held the note on the house would foreclose. The budgets developed by students living in the house included everything from the mortgage payment to insurance, capital improvements, food etc.
The Co-Ops rental rates were less than half the cost of University owned student housing, privately owned student housing, apartments and fraternity houses. Co-Ops often have a long waiting list of potential residents and the members And yes all improvements to the house but not individual private rooms had to be approves by the membership.
However, my fellow student at UT that lived in traditional student housing had no say whatsoever in improvements that were done or not done to their dorms or apartments.
BTW- When William Bennett was at University of Texas working on his PHD he lived in the same house that I later lived. I would hardly call William Bennett a Socialist.
In the public sector where co-ops are common, admittance into such govt. subsidized housing is restricted to those who are financially handicapped and are ultimately funded by you and I. While I have never attended college, I have nevertheless been employed since I was 16 years old and have never received a dime from the Feds. So when I hear the term Co-Op I automatically think of my hard earned limited finances as going to finance the housing of someone who has chosen a lifestyle limiting themselves to such govt. housing...