New York City's COPA law gives nonprofits first refusal on about 2,100 multifamily buildings

New York City Mayor Zohran Mamdani signed the Community Opportunity to Purchase Act, which requires owners of certain multifamily buildings to notify the city before a sale and gives eligible nonprofits a right of first refusal, Propmodo reported. The law takes effect in November 2027 and covers about 2,100 buildings, including distressed properties with four or more units and smaller buildings with affordability restrictions, down from 10,000 in the original proposal. Eligible nonprofits get 20 days to submit a statement of interest and 70 days to make an initial offer, and they keep their right of first refusal if a private buyer makes a competing bid. Critics quoted by Propmodo say the process adds delays without improving deal economics, while lead sponsor Council Member Sandy Nurse says it helps preserve existing housing.