Mamdani-backed housing bill will give nonprofits head start on buying NYC apartments

Council passes scaled-back nonprofit property COPA bill year after Adams veto, cutting its potential reach by nearly 80%

The City Council on Thursday resurrected a controversial housing bill vetoed by former Mayor Eric Adams, approving a dramatically scaled-back measure that would give nonprofits first crack at buying certain apartment buildings. The Community Opportunity to Purchase Act, or COPA, passed on Oct. 22 after lawmakers narrowed its reach by nearly 80%, from roughly…

NYC Council quietly passes bill that forces owners to give nonprofits first dibs on buying their properties for 90 days

The City Council quietly passed a controversial bill that would give nonprofits the first shot at buying up distressed Big Apple properties. The “Community Opportunity for Purchase Act,” or COPA, requires some sellers to delay putting their properties on the open market for 90 days while “community land trusts” and other nonprofits have an exclusive...

Council Passes Bill Giving Nonprofits First Dibs in Distressed Building Sales—With Mayor's Support

A years-long campaign to give qualified nonprofit and community partnerships a chance to buy distressed buildings broke through in the City Council Thursday. Supporters expect the mayor to sign the Community Opportunity to Purchase Act (COPA) into law.

Mamdani-backed housing bill will give nonprofits head start on buying NYC apartments

Mayor Zohran Mamdani The Community Opportunity to Purchase Act has long been a goal of tenant advocates, but has faced fierce opposition from the real estate industry. [ more › ]