Mamdani Hands Nonprofits First Crack At Buying Troubled NYC Apartment Buildings

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Mamdani Hands Nonprofits First Crack At Buying Troubled NYC Apartment Buildings Authored by AG News Staff via American Greatness,New York City Mayor Zohran Mamdani has signed a…

New York City Mayor Zohran Mamdani has signed a law giving nonprofits and community groups the first chance to buy certain apartment buildings before they reach the private market.

Mamdani signed the Community Opportunity to Purchase Act, known as COPA, on Tuesday. According to a press release from the mayor's office, the law gives "qualified nonprofits and community groups the first opportunity to purchase certain multifamily buildings."

Under the law, the city's Department of Housing Preservation and Development will keep a list of "qualified entities," including vetted nonprofits, tenant groups, community land trusts and other mission-driven organizations. When a covered building goes up for sale, those groups will get an "exclusive 145-day window to complete the purchase."

Even if an owner rejects the group's offer, the law gives the group a right of first refusal. If another buyer makes an offer within the following year, the qualified entity can match it.

The law applies to "multifamily buildings with four or more units that are in significant disrepair," along with buildings that have affordability restrictions under city regulatory agreements. City officials told the New York Post the law will "affect about 2,100 properties across the five boroughs."

"Too many New Yorkers have watched their homes deteriorate," Mamdani said in a statement. "That's not how housing should work. Our homes should be places of stability, not vehicles for speculation."

He added that "COPA puts power in the hands of the community organizations that have spent years serving our neighborhoods."

Cea Weaver, director of the Mayor's Office to Protect Tenants, said, "With COPA signed into law, we are entering a new era for affordable housing in New York City."

Opening of the article, excerpted from ZeroHedge. To read the rest, open the article on the publisher's site.