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ew York City’s Council is debating a proposal that would give nonprofit groups a first‑look at residential and commercial properties when owners decide to list them for sale. The measure, called the Community Opportunity to Purchase Act (COPA) or Intro 902, would require owners of buildings with three or more units to notify the Department of Housing Preservation and Development (HPD) and a pre‑approved roster of “qualified entities” before a sale is announced. Those nonprofits would then have the chance to submit an initial offer and, if necessary, match any higher bids that come in. The goal is to expand the supply of permanently affordable housing by giving community groups a competitive edge, mirroring similar rules in Washington, D.C., and San Francisco.

    Advocates for the bill—nonprofit leaders, affordable‑housing activists, and community land trusts—argue that COPA would level the playing field for small owners who often lack the resources to compete with large investors. Councilmember Sandy Nurse, who represents east Brooklyn, says the legislation would give at‑risk units a fighting chance to stay affordable. “It’s about preserving the neighborhoods we love,” Nurse told the hearing.

    Opponents, however, warn that the 180‑day waiting period could slow transactions, depress sale prices, and erode city tax revenue. Ann Korchak, board president of the Small Property Owners of NY (SPONY), testified that the delay could devalue properties and burden owners, attorneys, title insurers, appraisers, brokers, and banks. She noted that roughly 90,000 city buildings could be affected, with about 25,000 rental units sold each year. “A six‑month pause could force distressed owners to keep paying taxes or risk falling behind,” Korchak said.

    Valentina Gojcaj, a SPONY board member who owns a rent‑stabilized building in the Bronx, described the waiting period as a “bottleneck” and a bureaucratic nightmare. The Hudson Gateway Association of Realtors and law firm Holland & Knight warned that the rule could slow the market, limit fair transactions, and deter potential buyers. HPD Commissioner could extend the deadline for “good cause,” adding further uncertainty.

    The bill also allows HPD to extend time limits upon application, which could complicate a highly regulated industry. Francis Korzekwinski of Flushing Bank said many nonprofits lack the capital to purchase a building outright, forcing them to raise funds and prolong the process. He also highlighted that estate settlements, often within nine months, could be delayed, especially for properties held in corporations or LLCs, where fines for non‑compliance are substantial.

    Despite these concerns, housing groups point to successful nonprofit purchases in other cities. The East New York Community Land Trust recently acquired a neglected building, and board member Brianna Soleyn says COPA would support similar efforts. Sandra Lobo of the Northwest Bronx Community & Clergy Coalition and Jenny Dubnau of Western Queens CLT argue that the measure would strengthen infrastructure and help keep residents in their neighborhoods amid a shortage of affordable housing, small‑business spaces, and green areas.

    In short, COPA promises to expand permanent affordable housing but risks adding months to sales, reducing competition, and burdening small owners and the city’s finances. The debate centers on whether the potential benefits outweigh the costs of a more complex, slower real‑estate market.