New York City’s Community Opportunity to Purchase Act (C.O.P.A.) is a Stalinesque piece of legislation in New York City aimed at lowering the price of housing so nonprofits and anonymous land trusts can buy it up during an oppressively lengthy process that ends up whittling away the profits of the property owner.
The Plan to Crash the Housing industry
It grants certain nonprofits and community land trusts the first opportunity to purchase multifamily buildings with four or more units. This must happen before they are sold to private buyers.
The law applies to buildings with low-income regulatory agreements set to expire within two years. It requires owners to notify a list of nonprofits of their intent to sell.
Nonprofits have 25 days to express interest. They then have 80 days to make an offer. If a nonprofit fails to match a private deal within 15 days, landlords can still accept offers from private buyers.
However, they first have to offer it back to the nonprofits and land trusts to see if they will match the bid.
C.O.P.A. is expected to take effect in 2027, and it will be crucial for the city’s Bolshevik housing ‘preservation’ efforts.
The entire housing plan by the new mayor could make your skin crawl, and you can read about it here.
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