NYC Passes Law to Let Community Groups Buy Troubled Apartments

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New York City Mayor Zohran Mamdani signed the Community Opportunity to Purchase Act (COPA) into law on Tuesday, granting qualified nonprofits and community organizations the first chance to buy certain troubled apartment buildings. The legislation aims to ensure that affordable housing remains accessible to New Yorkers by prioritizing community-driven efforts over private market speculation.

Community-Driven Housing Preservation

Under COPA, the Department of Housing Preservation and Development (HPD) will maintain a list of vetted organizations, including nonprofits, tenant groups, and community land trusts, that are eligible to purchase multifamily buildings with four or more units in significant disrepair or under affordability restrictions. These entities will have an exclusive 145-day window to complete a purchase after a building is listed for sale.

If an offer from a qualified entity is rejected and another buyer makes an offer within the following year, the entity will have the right to match that offer, ensuring they retain priority in preserving affordable housing. The law also covers buildings governed by HPD regulatory agreements, which are critical to maintaining long-term affordability in the city.

Mayor’s Vision for Affordable Housing

Mamdani emphasized that the law reflects a shift toward community-based solutions for housing challenges. “Too many New Yorkers have watched their homes deteriorate while landlords extract profits and tenants are left to fight for the repairs they deserve,” he stated. “That’s not how housing should work. Our homes should be places of stability, not vehicles for speculation.” He called COPA a “historic piece of legislation” that empowers organizations rooted in local communities to step in and preserve essential housing resources.

Cea Weaver, Director of the NYC Mayor’s Office to Protect Tenants, added that the law marks a new era for affordable housing in the city, enabling community organizations to take a leading role in maintaining housing access for residents.

Impact and Scope

Officials estimate that the law will affect approximately 2,100 properties across New York City’s five boroughs. By prioritizing community groups, the legislation seeks to prevent the loss of affordable housing and ensure that developments serve the needs of residents rather than speculative interests.