New York City Council’s Housing and Buildings Committee will hold a supervisory hearing on Wednesday (September 9) to review Mayor Mamdani’s “Block by Block” housing plan, which aims to build and preserve 400,000 units of affordable housing over the next 10 years. The plan also seeks to improve regulatory inspections and enforcement efforts in New York City, assist more New Yorkers in transitioning from shelters to housing, and address infrastructure needs of the New York City Housing Authority (NYCHA).
The hearing will also address the controversial Community Opportunity to Purchase Act (COPA), reintroduced by Council Member Sandy Nurse. The COPA proposal allows qualified non-profit organizations or joint ventures involving non-profits to have the opportunity to purchase specific multi-unit residential properties when they are up for sale.
Supporters argue that this provision would enable non-profits dedicated to maintaining housing affordability to compete fairly with other buyers and reduce the risk of affordable housing being lost due to property sales.
A previous version of COPA was approved by the City Council last year but was vetoed by then-Mayor Adams, who believed the act imposed unreasonable restrictions on potential homebuyers. Landlord groups expressed concerns that the purchasing process could prolong transactions, decrease investor willingness, and constitute excessive interference in private deals.
When Nurse reintroduced the bill in May of this year, the scope was narrowed, and the bidding period for non-profits and joint ventures was shortened. The updated version primarily applies to distressed multi-unit properties with four or more units, excluding some owner-occupied multi-unit buildings. It also covers properties with expiring affordability restrictions within two years, provided the building has fewer than 100 units and the affordability requirements are not tied to the 421-a tax incentive.
The legislation stipulates that qualifying buyers have 20 days to express purchasing interest and 70 days to submit bids. If the owner receives competing offers, non-profits or joint ventures have 15 days to exercise their right of first refusal to match the terms of the offer.
However, some landlords argue that COPA fails to address fundamental issues such as operating costs and financial pressures of multi-unit properties.
Moreover, the committee will review legislation restoring tax incentives for renovation of multi-unit residential buildings, apartments, and cooperative units. This year’s state budget authorizes New York City to provide tax incentives for eligible renovation projects completed between June 30, 2026, and June 30, 2036.
Another proposal seeks to establish a Conversion Assistance Office to monitor office-to-residential conversion projects and enhance coordination among various city agencies.
Additionally, the committee will discuss measures allowing rent-stabilized housing owners to register properties electronically and requiring residential buildings to disclose the owner’s name in a visible location for residents. Council Member Lincoln Restler, the proposer, stated that tenants should easily know who owns the building for organization and accountability purposes.