Mayor Mamdani Signs Community Opportunity to Purchase Act, Giving Nonprofits First Bid on 2,100 Distressed Buildings
New York City Mayor Zohran Mamdani signed the Community Opportunity to Purchase Act outside an affordable housing development in Cypress Hills, Brooklyn, on November 10, giving nonprofits a first opportunity to buy distressed residential buildings in the city. It is only the second bill Mamdani has signed in his 11 months in office. The City Council passed a watered-down version of the bill last month by an overwhelming 38-9. The law will affect about 2,100 properties citywide and takes effect one year from November 10. Under the new law, landlords — mainly of rent-stabilized buildings — with outstanding housing code violations must notify the Department of Housing Preservation and Development before putting a property on the open market, giving qualified nonprofits a chance to bid first. Mamdani said the law is meant to keep distressed buildings out of the hands of speculators and preserve affordable housing. Supporters say it will help community organizations retain rent-regulated homes, while critics worry it restricts owners’ freedom to sell. The city said it will draw up detailed implementing rules.
Source: New York Post
Published by GSM · USA (original Chinese edition)
Photo: 纽约市政厅外景。（CC BY-SA 4.0，Kidfly182 摄，经 Wikimedia Commons）
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