City Council Passes COPA, Giving Nonprofits First Shot at Building Sales

Key facts

Bill

Community Opportunity to Purchase Act (COPA)

Action

Passed by the City Council on Thursday, as reported Oct. 23, 2026

What it does

Gives housing nonprofits first dibs on sales of large apartment buildings

Target buildings

Buildings in severe disrepair or arrears

Buildings covered

Around 2,100 under the current version

Earlier version

Passed late last year, vetoed by Mayor Eric Adams on his last day in office

Override

Speaker Julie Menin declined to seek an override in January

Mayor's position

Mayor Zohran Mamdani says he plans to sign

What it means

The highlights

1. The current version targets around 2,100 buildings in severe disrepair or arrears.
2. Mayor Eric Adams vetoed an earlier version on his last day in City Hall.
3. Mayor Zohran Mamdani says he plans to sign the new bill.

Why it matters Landlords

Owners of large, distressed or indebted buildings may have to give nonprofit buyers an early chance to bid before selling.

What to do: Watch for the final bill text if you plan to sell a large apartment building.

Not known yet

• When Mayor Mamdani will sign the bill and when it takes effect
• Which city agency will run the program and set the rules
• How many units counts as a "large" building, and how "severe disrepair" and "arrears" are defined
• How long nonprofits have to make offers, and whether any city money backs the purchases

Background

In New York City, a bill passed by the City Council becomes law when the mayor signs it. The mayor can also veto it, and the Council can override a veto with a two-thirds vote. After a law is enacted, the city agency responsible usually issues rules that spell out the details, such as which properties are covered and what deadlines apply.