Empowering tenants to become homeowners is a priority, but Intro. 902 (the Community Opportunity to Purchase Act, COPA) is criticized as an ineffective mechanism. Real opportunities arise when both parties voluntarily negotiate toward a sale to a nonprofit or direct tenant purchase, typically beginning with a confidentiality agreement and often culminating in a memorandum of understanding that builds trust. COPA forces negotiations and requires owners to disclose information without confidentiality protections, undermining foundational private-sale practices. Voluntary negotiations have produced tenant and nonprofit acquisitions, though they can be long, complex, and sometimes fail for reasons unrelated to owner unwillingness to sell.
"Throughout my career, I have been a huge supporter of empowering tenants to become homeowners, which is why it may seem odd that I do not support Intro. 902, or the Community Opportunity to Purchase Act (COPA). New York City absolutely needs to advance tenant and non-profit ownership, but I do not believe COPA is the way to achieve this laudable goal."
"To create real opportunities, we need two parties entering negotiations with the same goal in mind-the sale of the building to a non-profit or a direct sale to tenants. This happens when parties begin negotiating voluntarily, usually with a confidentiality agreement in place to establish good faith. COPA, on the other hand, tries to force parties into a negotiation and does so without any protections for the owner, such as confidential treatment of information they must share-step number one in any private sale negotiation."
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