In mid-1976, a provisional settlement awarded control of Co-op City to its residents. Co-op City was, and is, a 15,382 apartment middle-income development located in the Northeast Bronx. The achievement of resident control represented the culmination of negotiations following a thirteen-month rent strike that destroyed the non-profit United Housing Foundation (UHF) that had built Co-op City and nearly bankrupted the New York State Housing Finance Agency. As the terms of the provisional settlement began to come out, the Wall Street Journal was apoplectic about what awarding resident control might mean:
If the state wants to regain its financial credibility, it will have, to put it brutally, to make an example of the Co-op City rent strikers… The state may find… that the rent strike will collapse after the first tenants lose their apartments. But in any case, it will be more humane to throw people out into the June sunshine than into the December snow.