New York City Council passes scaled-back nonprofit property bill

The New York City Council has passed a revised version of the Community Opportunity to Purchase Act (COPA), a piece of legislation designed to give nonprofit organizations the first opportunity to buy certain residential buildings.

The new bill is a significantly narrowed version of a previous proposal. While the original iteration would have applied to approximately 10,000 properties, the current version is expected to affect roughly 2,100 to 2,500 buildings. This reduction follows months of negotiations intended to address legal concerns raised by the city's Law Department and opposition from the real estate industry.

Sponsored by Brooklyn Council Member Sandy Nurse, the law aims to preserve affordable housing and prevent displacement by allowing community land trusts and other nonprofits a 90-day window to purchase distressed or affordable buildings before they hit the open market. The bill passed with a 38-9 vote. It follows a previous version that was vetoed by former Mayor Eric Adams. The legislation now moves to Mayor Zohran Mamdani, who has pledged to sign it.