Modified COPA nears passage despite real estate pushback

COPA would grant nonprofits or city-certified joint ventures first opportunity to purchase specific distressed multifamily buildings when they are sold. The bill previously stalled after a mayoral veto and insufficient votes to override it. A new version has been introduced with revised eligibility criteria and a streamlined timetable, reflecting concerns raised by the city Law Department. Support has increased because the current mayor backs the measure and has reiterated support publicly. Council member Sandy Nurse secured majority backing with 26 sponsors, and the bill would not require a supermajority if the mayor does not veto. Council Speaker Julie Menin has committed to a public hearing, with a fall hearing expected and a goal of passing by year’s end.

"The proposal, better known as COPA, was dead for a time after former mayor Eric Adams vetoed the bill and the Council lacked the votes to override it. But Council member Sandy Nurse has introduced a new version of the legislation, which would give nonprofits or joint ventures certified by the city first dibs at buying certain distressed multifamily buildings when they go for sale. The latest iteration comes with new concessions, including tweaks to eligibility criteria and a streamlined timetable."

"Nurse said she revised some of the bill's requirements and language after the city's Law Department raised last-minute concerns, and is now framing it as a stronger and more targeted bill that would apply to fewer transactions. Real estate professionals remain skeptical. Some opponents argued that the changes are marginal and don't address their core concern that added uncertainty in deals will make it harder to secure financing and line up buyers."

"Unlike last year, the city's current mayor supports the bill. Mayor Zohran Mamdani backed COPA on the campaign trail and has reiterated his support in office. He recently posted on social media that he's proud to support COPA and looks forward to working with the Council to pass the bill. On Thursday, Nurse secured a majority of Council support with 26 sponsors; the bill won't need a 34-vote supermajority, as the mayor won't veto the measure."

"Council Speaker Julie Menin, a moderate counterpoint to Mamdani, has at least committed to giving the bill a public hearing for lawmakers to gather feedback. Nurse expects a hearing to happen in the fall, and is confident that the new version could pass by year's end. We listened to stakeholders and I think we came back with a smarter bill,"

Read at therealdeal.com