NYC Poised To Pass COPA, Giving Nonprofits an Edge in Apartment Sales

New York City is poised to give nonprofit housing groups a new advantage when some of the city’s most troubled apartment buildings go up for sale.The City Council’s Housing and Buildings Committee is scheduled to vote Thursday on the Community Opportunity to Purchase Act, or COPA, followed by a full Council meeting later that day. The latest version has 33 sponsors—enough to make passage widely expected.Realtor.com® previously reported on the proposal as lawmakers revived COPA after an earlier version stalled. Since then, lawmakers have narrowed which buildings would be affected and shortened parts of the purchasing process.Council Member Sandy Nurse, the bill’s lead sponsor, said the revised legislation followed “dozens of conversations with stakeholders who are both for and against this Bill.”“The Community Opportunity to Purchase Act will make our city more affordable for working class New Yorkers who are being squeezed by the housing affordability crisis,” Nurse said after a September hearing. “COPA is just one tool to preserve our existing affordable housing stock and help stop the brutal cycle of displacement in our neighborhoods.”A narrower bill still a 'disaster'Mayor Zohra...