Community Opportunity to Purchase (COPA) Act on NYC Council Agenda
November 25, 2025
A New York City Council proposal could materially reshape multifamily transactions across the country’s largest rental market, New York City.
The bill would apply to every NYC residential building with three or more units and would create a city-administered first-offer and matching-right process for approved nonprofits and community land trusts.
Why it matters: As drafted, the broad scope of the legislation would apply an additional waiting period and processes to every multifamily building in the city.
- Industry participants are concerned that mandatory standstill periods and discretionary extensions could introduce long, unpredictable delays into ordinary sales, chill competitive bidding, and increase transaction and operation costs.
- Supporters argue COPA would help preserve and expand affordable housing by giving mission-driven buyers an opportunity to acquire inventory before displacement or speculative repositioning occurs.
Go deeper: Under COPA, a multifamily owner planning to sell would have to file a notice with the New York City Department of Housing Preservation and Development (HPD) 180 days in advance and provide a detailed package of property and financial information.
A qualified buyer will have 120 days from the date of notice to submit an offer, during which time the seller may not accept any outside offers with HPD having discretion to extend timelines. Noncompliance could trigger civil penalties of up to $30,000.
Each seller must provide to HPD:
- Building address, the type of sale and estimated sale date, the provision of law, rule, or regulation pursuant to which such action is authorized, if any, and number of dwelling units.
- The rent roll, a 12-month income and expense statement, the amount of outstanding debt, the two most recent inspection reports conducted by HPD or the New York City Department of Buildings, if any, and any other information HPD may require.
The bottom line: For lenders and capital-markets participants, the slower, less certain transactions and heavier disclosure burdens could weaken liquidity, complicate financing execution, and ultimately pressure valuations in the New York City market.
What’s next: CREFC is working with its local partners to analyze the proposal and discuss next steps.
Contact David McCarthy (dmccarthy@crefc.org) with questions or to get involved.
Contact
David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.orgThe 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. © 2025 CRE Finance Council. All rights reserved.