Скачать или смотреть NYC might change how buildings are sold!

The New York City Council is considering a new law, Intro 902 (also called Community Opportunity to Purchase Act — COPA), that could dramatically change how multi-family buildings are sold in NYC.

What it does:

Requires owners of buildings with 3+ units to notify the Department of Housing Preservation and Development (HPD) and a list of approved nonprofits or tenant-groups before selling.

Those nonprofits/tenant-groups get the first right to purchase. Meaning they can submit the first offer or match any competing offer to buy the property.

Potential impact (if passed):

It could delay closings by up to six months (180 days) because nonprofits need time to decide whether to purchase.

For small owners/sellers: more uncertainty, longer wait times, and possibly fewer buyers or lower offers, which some warn may reduce resale value and discourage investment

Why some support it:

Proponents , including nonprofit housing advocates such as New York Community Land Initiative argue COPA helps preserve affordable housing by giving nonprofits a chance to transform buildings into permanently affordable units.

If you owned a small 3-unit building: would you still sell if you knew a nonprofit might get first dibs?

Are you for laws that favor affordable-housing nonprofits over private sellers?

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