"This version of the bill gives an opportunity to prove the case that we can give qualified purchasers a slight window to make a real, market-based bid,"
"We're giving landlords an opportunity to sell their buildings at market rate to a responsible, vetted, trustworthy organization that can take care of those buildings, invest in those buildings, and ultimately keep tenants here in New York City."
"We're confident the amended legislation will help preservation buyers like UHAB work with tenants to stabilize their homes through democratic ownership models like HDFC co-ops, as we piloted in The Bronx."
City Council updated the Community Opportunity to Purchase Act to allow housing preservation groups a short, market-based window to bid on troubled apartment buildings being sold. The amended bill narrows the range of buildings covered, expands eligible buyer types beyond solely nonprofits, and shortens the transaction timeline to address market concerns. Supporters say vetted preservation buyers can stabilize housing through democratic ownership models like HDFC co-ops, keep tenants in place, and prevent speculation. Landlord and real estate groups argue the law remains too broad and could slow transactions despite the changes.
#community-opportunity-to-purchase-act-copa #housing-preservation #hdfc-co-ops #real-estate-opposition
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