New York City Council Passes Community Opportunity to Purchase Act

The New York City Council passed the Community Opportunity to Purchase Act on Thursday, according to BKReader, Commercial Observer, and Bisnow. Commercial Observer and Bisnow both reported that the measure passed with a 38-9 vote, with Bisnow adding that two council members abstained. The bill requires owners of distressed and rent-stabilized multifamily properties to give qualified nonprofit organizations and community land trusts the first opportunity to acquire them before they are placed on the private market. [1][2][3]

BKReader reported that the legislation was sponsored by Council Member Sandy Nurse, who spoke at a September 2026 rally, according to Bisnow. Bisnow also noted that the right of first refusal applies to more than 2,000 troubled apartment buildings across New York City. Commercial Observer noted that the vote followed six years of revisions and a previous mayoral veto, with the goal of shifting parts of the residential housing stock away from private landlords. [1][2][3]

The legislation now moves to the desk of Mayor Zohran Mamdani for signature. BKReader reported that Mayor Mamdani previously expressed support for the bill in May 2026, stating he was proud to support the Community Opportunity to Purchase Act and looked forward to working on its execution. [1]