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NYC Council Declines to Override COPA Bill Veto

February 3, 2026

The New York City Council failed to override former Mayor Eric Adam’s veto of the Community Opportunity to Purchase Act (COPA), which effectively stops the legislation for the time being. The bill passed in December on a 31-10 vote and is supported by current Mayor Zohran Mamdani, which means the bill will likely be reintroduced this year. 

Why it matters: As originally drafted, COPA Int 0902-2024 would have applied an additional waiting period and processes to every multifamily building sale in the city. The bill saw several updates that narrowed the scope to distressed buildings and reduced the overall timeframe.

• CREFC submitted a letter to council members highlighting its concerns with the legislation. Click here for the full letter. 
• The bill passed on December 18 by a 31-10 margin (not including seven abstaining and three absences), which was short of the 34 votes (2/3 threshold) to overcome a mayoral veto. 
• While the bill did not muster a supermajority, the mayoral support and comfortable margin make it more likely some version of COPA will be reintroduced and acted on this year. 

What they’re saying: The new Council Speaker, Julie Menin, declined to bring the measure for an override as it did not pass with the required supermajority. Menin had abstained from voting in December and has declined to indicate her support, even amid public pressure from Mamdani to schedule an override vote. 

The bill’s author, Council member Sandy Nurse, reiterated her commitment to the effort in a statement to the Gothamist:

Yes, but: According to Politico, the mayor’s law department raised concerns to lawmakers that COPA could “unlawfully restrict a property owner’s commercial speech rights to engage with the market” and be subject to legal challenges “due to a constitutional prohibition against placing certain restrictions on private property usage.” 

The bottom line: Expect the City Council to act on the bill again this year amid fierce support from advocates and criticism from the opposition. Even with a narrowed scope and timeframe, COPA—if passed—will likely be subject to legal challenges. 

Contact David McCarthy (dmccarthy@crefc.org) with questions. 

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Senate Primary Update 

February 3, 2026

There are competitive primaries all across the country that will shape the midterms on both sides of the aisle. Below, we detail the most consequential primaries to the battle for the Senate and the dates of the contests.

Georgia (Democratic Incumbent): May, 19, 2026

• Georgia is shaping up as one of the marquee Senate races of 2026, mostly because Republicans still can’t seem to land a clean, obvious challenger to incumbent Sen. Jon Ossoff (D-GA). 
• The GOP primary is a three-way fight between Reps. Buddy Carter, Mike Collins, and former Tennessee football coach Derek Dooley. Such a messy primary could easily go to a runoff, which would further drain GOP resources and delay consolidation.

Michigan (Open Democratic Seat): August 4, 2026

• Michigan Democrats have a crowded and potentially bruising primary that’s creating real risk for the party to keep retiring Sen. Gary Peters’ (D-MI) seat. Rep. Haley Stevens, state Senator Mallory McMorrow, and former gubernatorial candidate Abdul El-Sayed are all running, splitting the Democratic coalition three ways. 
• Stevens brings fundraising strength and House experience, McMorrow has strong name recognition and grassroots energy, and El-Sayed appeals to the progressive wing, but carries baggage from his past statewide loss.

Maine (Republican Incumbent): June 9, 2026

• On the Democratic side, the primary is unusually intense. Gov. Janet Mills represents the establishment option, while Graham Platner, a veteran and oyster farmer with an outsider message, has built surprising momentum despite a string of controversies. 
• If Democrats nominate someone damaged or overly polarizing, Collins’s crossover appeal becomes even more potent. 
• Collins has been able to consistently win over Democratic voters in the state as a Republican. Maine voted for Harris by seven points in 2024 and voted for Biden by nine points in 2020, when Collins was last on the ballot.

Texas (Republican Incumbent): March 3, 2026 

• Republican Sen. John Cornyn is facing serious challengers from within his own party from current Texas Attorney General Ken Paxton, as well as Representative Wesley Hunt (R-TX-38). 
• The race will likely come down to Paxton and Cornyn, with polls indicating the race will be extremely close. However, with Hunt in the race it seems as though neither will reach the 50% threshold, meaning a runoff in May is likely.
• On the Democratic side, state senator James Talarico is leading Representative Jasmine Crockett (D-TX-30). It looks as though Talarico has a chance to win over 50% avoiding a runoff election, although polls show him just below that point as of today.

What’s next: As these states pick their nominees, they will shape their races and influence where each party plans to spend their money and resources. The candidates nominated to each of these races will be crucial to their parties success or failure this fall.

Contact James Montfort (jmontfort@crefc.org) with any questions.

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Q1 Congressional Outlook 

February 3, 2026

While the duration and fallout from the ongoing government shutdown may slow progress on a number of congressional priorities, GOP leaders are hoping to move on an ambitious agenda ahead of the midterm elections. 

Why it matters: The closer Congress gets to the midterms, the less likely lawmakers will be able to muster bipartisan support for their efforts. While the House and Senate have relatively robust session schedules, both chambers will take the traditional August and October (in election years) recesses.

The big picture: After the current fiscal year funding is resolved, Congress will have to act on FY 2027 before October 1, either with appropriations bills or a continuing resolution. The following are items we expect Congress to work on in the near-term: 

• Housing Bills: The broadly bipartisan Housing for the 21st Century Act could see action on the House floor in February. However, the larger question is how the House and Senate will work to meld the House legislation with the Senate-passed ROAD to Housing Act. While both were bipartisan, some GOP House members have concerns over certain spending programs in the Senate Bill. 
• TRIA: The strong bipartisan vote from the House Financial Services Committee on reauthorizing the Terrorism Risk Insurance Act (TRIA) makes action on the House floor an easier proposition in the near-term. The bill could move on the suspension calendar (requiring a two-thirds majority vote) or hitch a ride on larger legislation. Action in the Senate will likely continue beyond Q1. 
• Cryptocurrency: Senate Banking action on the bill has stalled over ongoing disagreement between traditional financial institutions and the crypto world. The bill would institute statutory and regulatory oversight for the digital asset space. However, the market structure effort will not likely be as bipartisan as the GENIUS Act, which covers stablecoins. 
• Confirmations: As we cover above, the Senate Banking Committee will consider Kevin Warsh’s nomination as Federal Reserve Chair. Yet, Sen. Thom Tillis’ procedural opposition will effectively delay confirmation. 
  

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