If your neglected NYC building is sold, nonprofits get first shot at buying it

When the owner of certain New York City apartment buildings decides to sell, they will have to tell the city’s housing agency (HPD) and a list of approved nonprofits, tenant groups, and community land trusts first. Those buyers get 20 days to say they’re interested and then 70 days to make an offer. If the owner turns down the first offer from a qualified buyer and receives another offer it intends to accept within the next year, that qualified buyer gets 15 days to match it. The goal is to keep these buildings affordable and out of the hands of speculators.

The law covers buildings with four or more apartments that have serious unresolved violations, findings of tenant harassment, or affordability agreements with the city. Small owner-occupied buildings are exempt. Owners don’t have to sell, and the law doesn’t come with new money to fund purchases. Tenants don’t need to apply. HPD has a year to certify buyers and set up the program.

Council Member Sandy Nurse sponsored COPA, and the NYC Community Land Initiative led a six-year coalition campaign for it. The Council passed an earlier version in 2025, but Mayor Eric Adams vetoed it. Nurse brought it back in a narrower form, and Housing Committee Chair Pierina Sanchez moved it through hearings. The Council passed it 38–9 in October 2026, and Mayor Zohran Mamdani signed it on November 10.