Mamdani signs COPA into law, giving New York housing nonprofits first shot at distressed buildings

NEW YORK, Nov 12 — New York City Mayor Zohran Mamdani signed the Community Opportunity to Purchase Act (COPA) into law on Tuesday, giving nonprofits and community groups first dibs on certain New York City buildings before they reach private buyers. The law takes effect in November 2027.

Nonprofits get 20 days to express interest and 70 days to make an offer

Under the law, building owners must notify the city's housing department when they want to sell certain properties, including distressed multifamily buildings with four or more units and buildings with 100 or fewer units subject to certain affordability rules. The city then allows eligible nonprofits and community groups to make offers before private buyers: the groups have 20 days to submit a statement of interest in buying the property and 70 days to make a first offer. They also have a right of first refusal if an owner receives an offer from a person other than a qualified entity.

About 2,100 buildings covered, far fewer than the original version

The law applies to about 2,100 buildings, far fewer than the 10,000 covered by an earlier version. COPA was first proposed in 2020; a different version passed the City Council in December 2025 but was vetoed by former Mayor Eric Adams on his last day in office. This year, the Council, led by COPA's main sponsor, Council member Sandy Nurse, pushed through the scaled-back bill.

Supporters and critics disagree on the effects

Before the Council vote, Nurse said the city cannot build its way out of the housing crisis and that COPA is necessary to preserve existing housing. Critics question whether it will work: Manhattan Institute senior fellow John Ketcham argues the law rests on the flawed premise that nonprofit ownership is inherently superior to private ownership; a 2025 report from New York University's Furman Center warned that opportunity-to-purchase laws could discourage investment by imposing timing delays and legal costs; and Erik Engquist of The Real Deal argued that COPA does not improve the difficult economics of buying and operating distressed buildings, it just adds a layer of bureaucracy.

(Sources: Reason; New York Post; amNY; The New York Times.)