Mamdani Signs Law Giving Nonprofits First Chance to Buy Distressed BuildingsCOPA Gives Community Groups a Chance to Preserve Affordable HomesCOPA’s Early-Bid Rules Put New Limits on Property Sales
New York City Mayor Zohran Mamdani signed the Community Opportunity to Purchase Act on November 10, giving qualified nonprofits an early chance to buy certain distressed residential buildings. The law takes effect in November 2027 and covers an estimated 2,100 properties.Mayor Zohran Mamdani signed New York City’s Community Opportunity to Purchase Act on November 10, giving qualified nonprofits an early opportunity to bid on certain distressed buildings. The law takes effect in November 2027.New York City Mayor Zohran Mamdani signed the Community Opportunity to Purchase Act on November 10, requiring owners of certain distressed buildings to give qualified nonprofits an early chance to bid. The law takes effect in November 2027.