In our first newsletter of 2026, we share updates on the fight for COPA, a major land bank bill victory, our work with the Mayor on financial justice, the launch of the Stop Taking Our Pay Act, and the return of the Worst Banks Awards.
In December, New Economy Project and allies made history, securing passage of the groundbreaking Community Opportunity to Purchase Act (COPA)—a powerful tool to bring housing into permanently affordable community and tenant ownership.
Then, in his final hours as Mayor, Eric Adams vetoed COPA, siding with the real estate industry and putting tenants at continued risk of eviction and displacement.
Despite broad support for COPA, Speaker Menin and the City Council chose not to override Eric Adams’ unjust veto.Read our coalition statement on this failure—and the real estate lobby’s blatant disinformation campaign against COPA.
The fight is far from over, and the calls for COPA have never been louder. Dozens of Council Members, Mayor Mamdani, and the coalition of 200+ community and housing justice groups we organize have committed to getting the bill over the finish line this year. We’ll continue to share ways you can take action to win COPA—once and for all!
The City Council did override several other vetoes last week, enacting legislation we and allies in NYCCLI and the Abolish the Tax Lien Sale Coalition have long advocated for—establishing a land bank and paving the way for the abolition of the city’s notorious tax lien sale.
Together, these measures mark the beginning of the end of a predatory system that has exploited and extracted wealth from Black and Brown homeowners and communities. These policies will transform how New York City manages tax-distressed properties, preventing displacement while creating new pathways for community land trusts to deliver deeply and permanently affordable housing and other community-benefiting uses across the city.
Read the coalitions’ joint statement.
In early January, New Economy Project stood alongside Mayor Zohran Mamdani as he announced executive orders cracking down on predatory fees and business practices.
In her comments, our executive director Deyanira Del Rio called on City and State officials to defend New Yorkers from unleashed financial exploitation that extracts wealth from NYC neighborhoods and fuels widening inequality.
Last week, we joined state lawmakers, impacted New Yorkers, and coalition partners in Albany to unveil the Stop Taking our Pay Act (STOP) Act—legislation to crack down on phone app-based lenders pushing triple-digit interest, debt-trap payday loans on low-wage workers and communities of color. American Banker published an in-depth profile of the launch, which you can read here.
Also, check out this new op-ed in City & State by the bill’s sponsors, and our Instagram post highlighting coverage of the campaign launch.
Join New Economy Project and Public Bank NYC on Thursday, February 12 at 1:00 p.m. as we present the 2026 Worst Banks Awards—dishonoring financial institutions that have harmed New Yorkers and NYC neighborhoods.
We’ll gather at 250 Broadway, outside Citibank and the offices of the City Council, to bestow awards for “Worst Slumlord Backer,” “Worst Fossil Fuel Funder,” “Worst Redliner,” and more—and to urge New York City to divest from Wall Street and establish a public bank.
RSVP: neweconomyproject.org/worstbanks