Council passes COPA, giving nonprofits first shot at distressed buildings

What happened

The New York City Council on Thursday passed the Community Opportunity to Purchase Act, known as COPA, 6sqft reported on October 23, 2026. The bill gives qualified nonprofit groups, including community land trusts, the first chance ahead of for-profit developers to buy certain distressed apartment buildings. Crain's New York reported the vote on October 22 and said that starting next year, certain nonprofits and joint ventures will get a head start when bidding on distressed multifamily buildings.

Under the bill, when a covered building goes up for sale, qualified housing preservation groups or nonprofits get 20 days to submit a statement of interest. They then get another 70 days to submit an offer before the building hits the market. If an owner receives an offer from a buyer that is not a qualified entity, qualified entities would have a right of first refusal.

This is the second time within a year the Council approved COPA. In December 2025, lawmakers passed a similar version, but former Mayor Eric Adams vetoed it, along with 18 other bills, on his last day in office. The first version was introduced in 2020. Council Member Sandy Nurse sponsored the latest version. Council Speaker Julie Menin and others backed it after the pool of eligible buildings was narrowed from 10,000 to between 2,000 and 3,400. The revised bill applies to buildings that meet a higher threshold of housing code violations.

Mamdani said in a statement to The Real Deal that he looks forward to signing the bill into law. Ann Korchak, board president of Small Property Owners of New York (SPONY), opposed it. She said COPA will devalue buildings, shut out conventional buyers who can quickly fix failing buildings, and "illegally take private property."