Opinion: New York's Opportunity for Community Ownership

"The 37th Council District includes neighborhoods that have experienced waves of disinvestment and predatory investment at the hands of the real estate industry for over a century, like East New York. Recently, a group of neighborhood activists formed the East New York Community Land Trust (ENYCLT) to counteract this exploitative cycle, preserve housing affordability, and build generational wealth. Last year, ENYCLT purchased a 20-unit building from a neglectful landlord and is in the process of turning it into an affordable cooperative."

"ENYCLT's proof of concept is just across the East River: New York City's oldest community land trust, Cooper Square, on the Lower East Side in Manhattan. A product of a multi-decade struggle, Cooper Square formed to fight against Robert Moses' urban renewal plans and to gain control over their neighborhood's destiny. Today, the CLT oversees the land beneath 23 buildings, preserving affordability in what has become an expensive neighborhood."

Passing the Community Opportunity to Purchase Act (COPA) in 2025 would shift power back to tenants and communities rather than bolster investors who price residents out. The 37th Council District contains neighborhoods like East New York that have suffered long-term disinvestment and predatory real estate practices. Neighborhood activists created the East New York Community Land Trust (ENYCLT), which purchased a 20-unit building from a neglectful landlord and is converting it into an affordable cooperative. Cooper Square, New York City's oldest community land trust, oversees land beneath 23 buildings and preserves affordability in an increasingly expensive neighborhood. Speculative investors can outpace mission-driven developers with quick all-cash offers, and a 2022 report links speculative landlords to higher eviction rates and lower housing quality while affordable investments yield better-maintained homes. COPA can help level the playing field for community-led preservation of affordable housing.

Read at City Limits