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NYC Council quietly passes bill that forces owners to give nonprofits first dibs on buying their properties for 90 days
New York Post • • nation
Key Points:
- The New York City Council passed the Community Opportunity for Purchase Act (COPA), giving nonprofits the first chance to buy distressed properties by requiring sellers to delay open market sales for 90 days.
- The current bill is a scaled-down version affecting fewer than 2,100 buildings, mostly managed by the city’s Housing Preservation Department, compared to over 10,000 properties in an earlier, more expansive proposal.
- The legislation faced opposition from some council members and property owners who argue it threatens private real estate ownership and could devalue buildings, while some real estate groups now support the revised, more targeted bill.
- Councilmember Sandy Nurse stated the changes were made to address legal concerns and strengthen the bill after multiple reviews, though critics warn the law could harm small property owners and limit buyers capable of improving properties.
- Former Mayor Eric Adams vetoed the previous version of COPA, but the new bill reflects compromises aimed at balancing nonprofit interests with market realities.
