Brokers brace for uncertain COPA future
It finally happened. COPA passed the City Council Thursdays after six years of legislative battles. But the final bill is decidedly narrower in scope than its predecessors after industry-minded tweaks, watered down compared to a version passed last year that ultimately fell at the hands of an Eric Adams veto. Under the new law, nonprofits and joint ventures designated by the city have the first chance to buy buildings with 100 or fewer units that have regulatory agreements managed by the Department of Housing Preservation and Development. The window for those transactions was trimmed from 160 to 145 days, and […]
It finally happened. COPA passed the City Council Thursdays after six years of legislative battles. But the final bill is decidedly narrower in scope than its predecessors after industry-minded tweaks, watered down compared to a version passed last year that ultimately fell at the hands of an Eric Adams veto. Under the new law, nonprofits and joint ventures designated by the city have the first chance to buy buildings with 100 or fewer units that have regulatory agreements managed by the Department of Housing Preservation and Development. The window for those transactions was trimmed from 160 to 145 days, and […]
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