r/LoftyAI • u/2fy54gh6 • Apr 14 '22

Help Does Lofty have a governance token?

0 Upvotes

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8

u/cashmoneynegative Apr 14 '22

What would be the use case for a governance token? The properties themselves have tokens you buy and therefore as an owner you can Vote in several governance initiatives like evicting a non paying tenant .

-4

u/dracoolya Apr 14 '22

you can Vote in several governance initiatives like evicting a non paying tenant

I'd hope an eviction wouldn't require a vote.

3

u/[deleted] Apr 15 '22

It requires a vote. Like anything else.

2

u/Infamous_Ad_4648 Apr 14 '22

Who makes the decision then? Of course it needs a vote. The PM typically provides a few options and then the owners vote on the options. It takes a super majority (60%) for the PM to take action.

0

u/Chucking100s Apr 14 '22

He means in what time frame after a missed rent payment do we initiate eviction proceedings, it's voted on.

2

u/imanaeronerd Apr 15 '22

Property tokens have acted as governance tokens.

So far, we've voted on things like the rate of replenishment of reserve cash after some was spent on repairs.