Overview
- The City Council voted to approve the revised Community Opportunity to Purchase Act Thursday, and the measure now moves to Mayor Zohran Mamdani for expected signing.
- Under the law owners of covered properties must notify the city, opening a 20‑day window for tenant groups and qualified nonprofits to express interest, a 70‑day period to make an offer, and an additional matching period before a sale can proceed.
- City analysis from the Department of Housing Preservation and Development estimates COPA will initially apply to about 2,100 buildings that the city deems ‘distressed’ because of repeated housing‑code violations, enrollment in enforcement programs, or municipal foreclosure risk.
- The bill is the product of months of revision after a prior Council version was vetoed and reviewed by the City Law Department; it narrows eligible properties and shortens timelines, drawing conditional backing from REBNY and continuing opposition from small‑owner and landlord groups.
- Key questions remain about implementation, including HPD’s capacity to manage notices and oversight, how nonprofits will secure financing within the shortened windows, and the likelihood of legal challenges from owners that could delay or reshape how COPA is applied.