Real estate will learn to cope with COPA

Real estate is going to need to learn to stop worrying and love the Community Opportunity to Purchase Act. After six long legislative years, the City Council passed COPA on Thursday, granting nonprofits and eligible joint ventures the first chance to buy distressed multifamily buildings. Thirty-eight lawmakers voted in favor of the revived version of the bill, which has faced vocal industry pushback since its inception; two lawmakers abstained and nine voted against. Critically, it’s not exactly the bill the real estate industry once feared. It’s been watered down from its original scope to cover a narrower swath of distressed […]

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