"CIVIC CENTER - CITY COUNCILMEMBER SANDY Nurse's Community Opportunity to Purchase Act will not become city law, after a veto by former Mayor Eric Adams, reports Gothamist . Although the bill passed through the Council, it did not have enough support to override the veto, despite efforts by new Mayor Zohran Mamdani to sway councilmembers. New Council Speaker Julie Menin said she would only hold override votes on legislation that had already garnered the necessary support."
"Mamdani has been strongly in favor of the act, which would give nonprofit organizations and certain developers the right of first purchase for some distressed apartment buildings. Nurse said she would be reintroducing the bill this year. Backers have said COPA would help preserve affordable housing, although opponents, including many within the real estate industry, have argued that it would have a chilling effect on investment."
The Community Opportunity to Purchase Act was vetoed by former Mayor Eric Adams and did not become city law after the City Council failed to secure enough votes to override the veto. New Mayor Zohran Mamdani actively supported the measure and attempted to persuade councilmembers to override the veto. Council Speaker Julie Menin said she would only schedule override votes for measures that already had necessary support. The act would grant nonprofit organizations and certain developers a right of first purchase for some distressed apartment buildings. Proponents say the law would help preserve affordable housing. Opponents, including many in the real estate industry, argue it would chill investment. Councilmember Sandy Nurse plans to reintroduce the bill.
#community-opportunity-to-purchase-act-copa #mayoral-veto #affordable-housing #right-of-first-purchase
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