By Edwin J. Viera
A New York City bill to help tenants is poised to finally become law.
The Community Opportunity to Purchase Act allows vetted nonprofits like community land trusts the first chance to buy certain multifamily buildings when a landlord decides to sell them. The City Council passed the measure in 2025 but former Mayor Eric Adams vetoed it on his last day in office. It saw approval again this month.
Elena Rodriguez, staff attorney for the advocacy group the New Economy Project, said tenants gained a new tool to protect their buildings.
“For too long, private equity and predatory landlords; they’ve really had free rein in our system and they’ve snatched up buildings, often with these all-cash offers, and then they flip them for profit or let them fall into disrepair. So they’re extracting money from our communities while displacing working-class New Yorkers,” Rodriguez explained.
While tenants supported the law, landlords and the real estate industry opposed it. However, it would only impact buildings with four or more units, which are either physically distressed or have expiring affordability restrictions. Based on city data, it would apply to about 1% of buildings sold between 2023 and 2025. Mayor Zohran Mamdani has said he will sign the bill into law.
Since being introduced six years ago, it has become more targeted after lawmakers introduced amendments based on comments from community activists, tenants and housing advocates.
Rodriguez pointed out affordable housing allies will be doing a know-your-rights campaign to inform tenants about the new law. She noted what the city must do during the year between its passage and implementation.
“There will also be this period of (Housing Preservation and Development) rulemaking where it’ll be important they’re setting up the program for success, giving notice to owners, to qualified buyers, to tenants, just to really make sure that they stand it up in a way that will make it successful,” Rodriguez underscored.
She added there are pockets of funding the city offers, like the New York Acquisition Fund or the Neighborhood Pillars. The initiatives provide money to rehabilitate buildings. However, Rodriguez hopes to see more funding sources created, like public-private partnerships, as the bill takes effect.