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NYC Commercial Real Estate Advisors

What’s Next with COPA? NYC Awaits Decision in Critical Housing Law

BY

Andreas Nakos

Key Highlights

  • The City Council has less than 30 days to act on the COPA veto.
  • COPA would give nonprofits first opportunity to buy certain distressed buildings.
  • The outcome now depends on the new Council as NYC waits for developments this month.


We are at a critical point in New York City housing policy. The Community Opportunity to Purchase Act (COPA) has returned to the spotlight after years of debate, revisions, and negotiation. What began as a proposal in 2020 has now become a defining test of the City Council’s direction on affordability, ownership, and market intervention. COPA is designed to give qualified nonprofits and community groups the first chance to buy certain multi-family buildings before private sales, aiming to preserve affordable housing, but concerns on industrial and development perspectives clouded the initiative.

In late 2025, the City Council passed COPA during its final meetings of the year. Housing advocates viewed the vote as a breakthrough. That momentum shifted on December 31, 2025, when former Mayor Eric Adams vetoed the bill during his final day in office. With the veto in place, the Council now has a narrow 30-day window to decide whether COPA moves forward or stalls once again.

After years of debate and a last-minute mayoral veto, the New York City Council now faces a critical 30-day deadline to determine the fate of the Community Opportunity to Purchase Act (COPA). Photo: Karl Solano via Pexels

Positive Impacts: The Case Made by Supporters

We recognize the policy rationale behind COPA and why it has gained strong backing from housing advocates. Supporters view the legislation as a targeted intervention in a stressed housing market.

  1. COPA would give city-approved nonprofits first opportunity to purchase certain distressed multifamily buildings.

  2. For-profit buyers could participate through joint ventures with nonprofits.

  3. The stated goal is to preserve long-term affordability in existing housing stock.

  4. Community land trusts and tenant associations would gain structured access to acquisitions.

  5. These groups often lack the capital needed to compete with traditional investors.

  6. Supporters argue COPA would help prevent tenant displacement at moments of ownership transition.

  7. The bill is modeled after San Francisco’s COPA, enacted in 2019, where the policy has helped preserve at least 436 homes. More than 1,000 residents avoided displacement as a result.

  8. Housing leaders there report no legal challenges and continued transaction activity.


Modeled after a successful San Francisco initiative, COPA aims to prevent tenant displacement and ensure long-term affordability by giving nonprofits and community land trusts a priority right to purchase distressed multifamily properties. Photo: David Kamps via Pexels

Challenges and Concerns: The Industry Perspective

We also understand the opposition from property owners and real estate organizations.
These concerns focus on market efficiency, transaction certainty, and long-term investment impacts.

  1. Opponents argue COPA would slow sales by adding new notice and bidding timelines.

  2. Owners would face additional regulatory steps before bringing properties to the open market.

  3. Industry groups say this reduces deal certainty and complicates underwriting.

  4. Some landlord organizations claim the policy interferes with private property rights.

  5. Small and family-owned property owners express concern about reduced buyer interest as critics also warned the policy could deter future investment in multifamily housing.
Opponents of COPA, including real estate groups and small property owners, argue that the policy’s additional regulatory steps and timelines will hinder housing investment, interfere with property rights, and complicate market transactions. Photo: Charles Parker via Pexels

Waiting Game

From our perspective at NYCCREA, COPA is now in a period of uncertainty as the policy debate has moved out of the mayor’s office and into the hands of the newly seated City Council. Speaker Julie Menin must decide whether the bill returns to the floor, and that decision will determine the next step.

The numbers matter.
An override requires 34 votes, while COPA previously passed with only 31. Advocates believe support is there, but the margin remains tight. Until the Council acts, the market is waiting.

We at NYCCREA call for vigilance and preparation. With COPA now in the hands of the newly seated City Council, the uncertainty is real, and the numbers are tight. Until there is clarity on whether the bill returns to the floor and if an override gains the needed 34 votes, the market will remain cautious. Our advice is to stay informed, model multiple scenarios, and guide clients with realistic timelines and expectations, because the next Council vote will send a clear signal on how New York City plans to balance affordability goals with transaction certainty in the years ahead.

For the latest news, proven strategies, and exclusive opportunities in commercial real estate in New York City and Western Nassau County NY, visit us at www.nyccrea.com

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