News

NYC COPA Bill Vetoed by Outgoing Mayor Adams

January 6, 2026

After a flurry of year-end activity, the New York City Council passed the Community Opportunity to Purchase Act (COPA), but Mayor Eric Adams vetoed the measure among his final official acts. 

Adams released a statement explaining his veto of 19 bills, including COPA: 

These bills will worsen our affordable housing crisis with new, unfunded mandates and red tape, undermine our small businesses with an untested new licensing regime for street vendors, create entirely new bureaucratic processes when existing structures are more than up to the task, and violate state laws governing our labor and law enforcement systems.

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 31-10 margin (not including seven abstaining and three absences), which is short of the 34 votes (2/3 threshold) to overcome a mayoral veto. However, new Mayor Zohran Mamdani has supported the legislation. 
What’s next: The new City Council will meet in early January with a new Speaker Julie Menin, who will decide whether to pursue an override. Menin abstained from voting on the legislation.
 
Please contact David McCarthy at dmccarthy@crefc.org with any questions.

Contact 

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2026 CRE Finance Council. All rights reserved.

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