COPA passed: what it means if you're selling a building in New York City

On October 22, 2026, the City Council passed the Community Opportunity to Purchase Act, known as COPA (Intro 905-A), by a vote of 38 to 9. It gives qualified nonprofits, and joint ventures that include one, the first chance to buy certain apartment buildings when the owner decides to sell. Mayor Mamdani has said he will sign it, and it takes effect one year after it becomes law.

If you've seen the headline that owners have to give nonprofits "first dibs for 90 days," that number is the two deadlines in the bill added together: 20 days and 70 days. Here's how it actually works.

Which buildings are covered

Not most of them. An earlier version passed in December 2025 and was vetoed by Mayor Adams on his last day in office. The version that passed now was narrowed sharply, from roughly 10,000 eligible buildings to about 2,100. It's aimed at buildings with four or more apartments that are in physical distress: a heavy record of HPD or Department of Buildings violations, or a building already in a city repair program. Buildings under an HPD regulatory agreement are also in scope. One- to three-family homes are not. By the Council's count, most of the covered buildings are already working with HPD.

If your building is in good shape and has a clean violation record, COPA most likely doesn't touch your sale. If it has a long list of open Class B or C violations, read on.

How the process works

When an owner of a covered building intends to sell, they have to notify HPD and the nonprofits HPD has certified. From there:

Step one: 20 days

Qualified nonprofits have 20 days to send a statement of interest. If none do, the owner moves on.

Step two: 70 days

A nonprofit that said it's interested then has 70 days to make a first offer. The owner doesn't have to accept it.

Step three: the right to match

If the owner later gets an offer from anyone else, the qualified nonprofit gets a right of first refusal: the chance to match that offer and buy the building on the same terms.

What it means for your timeline

An owner can still sell on the open market once the nonprofit deadlines pass without a deal. For a covered building, though, a sale now starts with a waiting period of up to three months before you can count on a private buyer, plus a matching step at the end. Buyers and lenders will know that too. Price it into your plans, not your asking number.

The hardship exemption

An owner can apply for an exemption by showing undue financial hardship. The details of how HPD will judge that will come in the rules the agency writes before the law takes effect, so if you think you'd qualify, keep the paperwork that shows it: operating costs, debt service, and repair estimates.

What supporters and opponents say

Council Member Sandy Nurse, the bill's sponsor, called buying and preserving existing housing "the most immediate way to stop displacement." The narrowing also brought the Real Estate Board of New York around: its president, James Whelan, a strong opponent of the earlier bill, called this one "a more targeted and practical bill."

Not everyone agrees. Ann Korchak, board president of Small Property Owners of New York, told the Post that "COPA will devalue buildings," and that giving nonprofits the right of first refusal "shuts out conventional buyers who have the financial wherewithal to immediately improve and rehabilitate a failing building." Both sides agree on one thing: the buildings it targets are the ones that need money and work.

What to do now

Check your building's record. HPD Online and the Department of Buildings show every open violation by address, for free. Clearing open violations is worth doing for its own sake, and it may keep your building out of COPA's scope. If you're planning to sell in the next two years, talk to us and to your attorney early, so the timeline doesn't surprise you. The law isn't in effect yet, and HPD still has to certify nonprofits and publish its rules, so this is the window to get ready.