Mayor Signs Bill Giving Nonprofits First Dibs at Buying Distressed Buildings
The law covers far fewer buildings than first proposed, and officials say nonprofit buyers will still need financing to compete with private investors.
- On Tuesday, Mayor Zohran Mamdani signed the Community Opportunity to Purchase Act into law at a Brooklyn ceremony, granting qualified nonprofits priority to purchase distressed multifamily buildings before they reach the open market.
- The legislation's enactment follows a comeback after former Mayor Eric Adams vetoed an earlier version in December 2025; the City Council passed the revised, narrower proposal on October 22, 2026.
- Under the new rules, nonprofits receive 20 days to declare interest in eligible distressed properties, followed by 70 days to submit a formal offer according to Mamdani.
- Kenny Burgos, CEO of the New York Apartment Association, criticized the signing as "tragically ironic" while banks auctioned 850 bankrupt rent-stabilized units, arguing the policy ignores financial pressures.
- Cea Weaver, director of the Mayor's Office to Protect Tenants, noted the program's success requires securing financing, with the city committing more than $2 billion for housing preservation over two years.
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Mamdani Signs Bill Banning Predatory Investors From Buying Distressed NYC Residential Buildings
The New York Times reports: A select group of nonprofit organizations will be given the first chance to buy certain distressed residential buildings in New York City under a contentious bill that passed the City Council. The bill, known as the Community Opportunity to Purchase Act, or COPA, is intended to keep housing out of … The post Mamdani Signs Bill Banning Predatory Investors From Buying Distressed NYC Residential Buildings appeared first …
Mamdani signs law giving nonprofits first dibs to buy distressed NYC properties
Mayor Zohran Mamdani signed a controversial law Tuesday that gives nonprofits first dibs at buying distressed residential buildings in the Big Apple. Hizzoner put his John Hancock on the Community Opportunity to Purchase Act — only the second bill he’s signed in the 11 months since he took office — after the City Council quietly...
Mamdani signs COPA into law, giving nonprofits first shot at buying troubled NYC buildings
Mayor Zohran Mamdani signed legislation Tuesday giving nonprofit housing organizations the first opportunity to purchase certain distressed and affordable apartment buildings — ending a six-year legislative fight that survived a veto by former Mayor Eric Adams and months of negotiations with the real estate industry. The Community Opportunity to Purchase Act, or COPA, was…
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