NYC Council Passes COPA: Some Owners Must Give Nonprofits a 90-Day First Shot at Buying
The New York City Council on Thursday, October 22, passed the Community Opportunity to Purchase Act, known as COPA. The bill requires some property sellers to wait 90 days before putting a property on the open market, giving community land trusts and other nonprofits an exclusive first shot at buying it.
According to the New York Post, the bill was reintroduced earlier this year by Brooklyn Council Member Sandy Nurse and is a sharply scaled-back version of a prior proposal: it is expected to affect under 2,100 buildings, most already managed by the city's Department of Housing Preservation and Development, rather than the more than 10,000 covered before. Former Mayor Eric Adams vetoed the earlier version on his way out of office. After the 90 days, owners may still sell on the open market.
The Real Estate Board of New York, a fierce opponent of the prior bill, supports this version. REBNY President James Whelan credited Speaker Julie Menin and Council Member Nurse with producing a more targeted and practical bill. Queens Republican Council Member Joann Ariola had called the original proposal an attack on private real-estate ownership. The bill still needs the mayor's signature to become law. (GSM, based on New York Post reporting)
Published by GSM · USA (original Chinese edition)
Photo: 纽约市政厅，Nielsoncaetanosalmeron 摄，CC BY 4.0（Wikimedia Commons） / New York City Hall, by Nielsoncaetanosalmeron, CC BY 4.0 (Wikimedia Commons)
