Mayor Eric Adams was widely criticized and is probably a criminal, but he was the best we had, and he is looking good now.
In his final day in office, New York City Mayor Eric Adams vetoed the Community Opportunity to Purchase Act (COPA). It was an outrageous law intended to allow nonprofits and trusts to force landlords with more than four apartments to offer their properties to them first, before any public ads went out. And it gave these people 185 days altogether to decide.
Then, once the owner gets an offer, they’d get another shot at it with more delays. It will greatly decrease the value of properties.
They basically want to turn the owner’s properties over to bottom feeders.
Mayor Zohran Mamdani has cited it as a strategy to get rid of bad landlords, so the bill will come back.
Adams, on Wednesday, vetoed the measure, which was condemned by landlord groups as well as others as an intrusion on private business deals. It certainly was that.
Adams also vetoed 18 other bills, according to The Real Deal. Three of the other 18 would have made other rules for city housing in the already heavily regulated housing market.
All this does is delay Mamdani’s agenda, but we appreciate the effort.
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Better question is, why would anybody want to buy property in NYC these days?
Stealing private property.