New York's Community Opportunity to Purchase Act Vetoed

New York Real Estate Practice Group Leader Stuart Saft authored an article for Westlaw Today analyzing former Mayor Eric Adams' veto of the New York City Council's Community Opportunity to Purchase Act (COPA) and what could come next as the newly installed council considers an override. COPA would establish a right of first offer and a right to match for certain nonprofit entities and their for-profit partners in the sale of qualifying multifamily rental buildings; it would also layer in new notice, disclosure and waiting period requirements before an owner could proceed to market. Mr. Saft outlines why the measure could meaningfully disrupt sales and financing activity, increase uncertainty and litigation risk, and fail to address the city's core housing supply challenges, drawing lessons from similar laws in Washington, D.C., and San Francisco.

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