Mamdani Signs Law Giving Nonprofits First Dibs to Buy Distressed NYC Properties
Mayor Zohran Mamdani signed a controversial law Tuesday that gives nonprofits first dibs at buying distressed residential buildings in the Big Apple.
Hizzoner put his John Hancock on the Community Opportunity to Purchase Act — only the second bill he’s signed in the 11 months since he took office — after the City Council quietly resurrected a watered-down version of the bill last month.
The “COPA” law will affect about 2,100 properties across the five boroughs, officials said at a Brooklyn news conference outside a Cypress Hills housing development.
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Jay Sorid
“Mamdani Signs Law Giving Nonprofits (i.e. Supportive Housing) First Dibs to Buy Distressed NYC Properties”
Yirmi
it’s an interesting idea in theory. I’m not sure we want a non profit purchasing so much property at a steep discount however. For example, CAMBA can then go ahead and build homeless shelters essentailly wherever they want as long as they purchased a distressed property. This also knocks out the flippers who go to Auction and buy properties in foreclosure, so this also takes away resendential unit
Anonymous
City Hall is pretty distressed.