NYC Mayor Zohran Mamdani Signs Controversial Housing Law to Help ‘Build a More Affordable City’

New York City Mayor Zohran Mamdani is taking a new step in his administration’s fight for affordable housing.

On Tuesday, November 10, the 35-year-old mayor signed the Community Opportunity to Purchase Act (COPA) into law, which allows qualified nonprofits and community groups to buy certain multifamily buildings before they go up for sale on the private market.

“This law will give New Yorkers a tool to keep their homes out of the hands of predatory investors seeking to make a quick and easy buck,” Mamdani said in Tuesday’s press conference.

“Here’s how it will work. When the owner of an eligible building decides to put their building up for sale, qualified entities will be notified first. They will have 20 days to notify both the owner and HPD if they have an intent to purchase and 70 days to make a competitive offer,” he explained. “If no qualified entity makes an offer within those 20 days or if every offer is rejected by the end of that 70-day period, the property can be listed on the open market.”

In a statement shared on nyc.gov, Mamdani called out negligent landlords and talked about how COPA helps the city’s affordable housing mission.

“Too many New Yorkers have watched their homes deteriorate while landlords extract profits and tenants are left to fight for the repairs they deserve,” he stated. “That’s not how housing should work. Our homes should be places of stability, not vehicles for speculation.”

“COPA puts power in the hands of the community organizations that have spent years serving our neighborhoods and fighting to keep New Yorkers housed,” he assured. “After six years of organizing, tenants and advocates have won a new tool to protect their homes and keep affordable housing in the hands of those who will care for it. This is what it looks like to build a more affordable city where every New Yorker can live with stability and dignity.”

However, some people have concerns when it comes to COPA. In August, NYC Council Member Eric Dinowitz told the Riverdale Press “Government inserting itself into private property transactions is complicated territory,” noting, “We don’t want to add red tape that slows the process down for property owners or the nonprofits this bill is meant to help.”