NY Dirt: COPA puts nonprofits first, sidelining investors

COPA cleared the Council, giving the city’s nonprofits a chance to skip the line when distressed multifamily buildings go up for sale. But will landlords play ball with these nonprofits? Eager investors will need to wait their turn now that the Community Opportunity to Purchase Act is on its way to the mayor’s desk, where it is certain to get his signature as a key component of his housing plan. This comes as the estimated list of properties eligible for COPA increased by more than 1,000. Some 3,400 distressed properties that meet the threshold for violation count or participate in […]

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