NYC Council Passes Watered-Down Bill Granting Nonprofits First Right to Buy Distressed Properties
The New York City Council passed the Community Opportunity for Purchase Act (COPA), a revised bill that grants nonprofits a 90-day exclusive window to purchase distressed properties before they hit the open market. This watered-down version, championed by Councilwoman Sandy Nurse, affects fewer than 2,100 buildings, a significant reduction from the previous proposal that targeted over 10,000. While real estate groups praised the narrowed scope, critics argue it still devalues properties and forces small owners to sell at low prices. The legislation replaces a prior version vetoed by former Mayor Eric Adams, with supporters claiming the changes address legal concerns while maintaining the core right-of-first-refusal mechanism.