Full Breakdown
NYC Council Passes Scaled-Back Community Opportunity to Purchase Act (COPA)
By Drooid · · How we work
Core Event – Oct. 22 Council Vote
On Oct. 22 the New York City Council approved the Community Opportunity to Purchase Act (COPA) with a 38-to-9 vote and two abstentions. The legislation gives city-approved nonprofit housing groups and joint-venture entities a right of first refusal on certain distressed multifamily properties when owners decide to sell. Owners must provide a 90-day window for nonprofits to express interest and submit offers.
Background & Context
COPA originated in 2020 and has undergone multiple introductions, hearings, and a veto by former Mayor Eric Adams in 2025. After a year-long legal review that raised potential lawsuit risks, Councilmember Sandy Nurse re-introduced a narrowed version in 2026. The bill’s passage ends a six-year legislative battle that spanned three mayoral administrations.
Data & Statistics
- Scope: Approximately 2,100 buildings meet the bill’s eligibility criteria.
- Eligibility: Buildings with four or more units (or five-plus if the owner occupies one), regulated by HPD, and showing serious violations, participation in HPD’s Alternative Enforcement Program, or foreclosure risk.
- Process Timelines: Nonprofits have 20 days to submit a letter of interest, followed by a 70-day period to make an offer. The overall transaction window is 145 days, reduced from the prior 160-day period.
- Exemptions: Properties with 421-a or 485-x tax-abated units, buildings larger than 100 units, and owner-occupied units with five or fewer apartments are excluded.
- Penalties: Owners who bypass notification requirements may face fines up to 15 % of the sale price, enforceable for two years after a sale.
Official Statements & Responses
Council Speaker Julie Menin noted that “the universe of properties was narrowed to about 2,100 buildings from the original approximately 10,000.” Councilmember Sandy Nurse said, “Buying and preserving some of the housing we already have is the most immediate way to stop displacement.” James Whelan, president of REBNY, praised the “more targeted and practical bill.”
Criticism & Opposition
Opponents contend that COPA could depress property values and hinder sales. Matt Cosentino of TerraCRG warned that “these distressed buildings are so hard to move, and you’re just adding another layer of making things difficult on selling these buildings.”
Why It Matters / Impact
Proponents argue COPA offers a tool to keep affordable units in community hands, potentially preventing displacement of thousands of residents. Critics say the added procedural steps could slow transactions, increase financing costs, and reduce investment in the multifamily sector. The program’s effectiveness will depend on HPD’s rulemaking and nonprofits’ ability to mobilize capital.
Verbatim Quotes
- “Today we are going to end the six-year saga of the Community Opportunity to Purchase Act here in the Council,” — Sandy Nurse
- “COPA, in any form, is a destructive housing policy for renters, owners, and affordable housing,” — Ann Korchak, York Board president
- “The universe of properties was narrowed to about 2,100 buildings from the original approximately 10,000,” — Speaker Julie Menin
- “Buying and preserving some of the housing we already have is the most immediate way to stop displacement,” — Sandy Nurse
What's Next
HPD has a one-year period to develop rules, compile a list of qualified nonprofit entities, and establish notification and waiver procedures. Once the rulemaking is complete, eligible property owners will be subject to the 90-day first-refusal window upon deciding to sell.