The NYC Community Opportunity to Purchase Act Passed — Now What?
Summary
The New York City Council passed the Community Opportunity to Purchase Act, or COPA, by a 38-9 vote after six years of revisions and a mayoral veto. The law gives nonprofit organizations, including those with joint-venture partners, a first opportunity to buy rent-stabilized buildings when owners put them up for sale.
COPA changes the ownership process for covered rent-stabilized properties by giving nonprofit buyers an initial
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The law could preserve more rent-stabilized housing under mission-driven ownership, but its reach will depend on whether eligible nonprofits can raise capital quickly enough to compete.