{"id":489,"date":"2026-05-26T12:15:34","date_gmt":"2026-05-26T12:15:34","guid":{"rendered":"https:\/\/metrotransitreview.com\/?p=489"},"modified":"2026-05-26T12:15:34","modified_gmt":"2026-05-26T12:15:34","slug":"tenants-will-suffer-again-under-city-councils-outrageous-plan-for-apartment-buildings","status":"publish","type":"post","link":"https:\/\/metrotransitreview.com\/?p=489","title":{"rendered":"Tenants will suffer again under City Council’s outrageous plan for apartment buildings"},"content":{"rendered":"
\n

New York\u2019s City Council is intent on helping nonprofits snap up apartment buildings, whether owners want to sell to them or not.<\/p>\n

Read more Mango tycoon\u2019s son quits fashion giant days after he\u2019s arrested over dad\u2019s cliff fall death<\/a><\/p>\n

Last week, leftist Councilwoman Sandy Nurse reintroduced the Community Right to Purchase Act, which would give city-approved groups preferential treatment in the sales of certain apartment buildings \u2014 such as by forcing<\/em> owners to sell to them if they match competing private offers.<\/p>\n

Supporters say the bill will keep housing \u201caffordable\u201d and \u201crooted in community control.\u201d<\/p>\n

But this outrageous subversion of private property will only deter investment, damage the city\u2019s housing stock \u2014 and fail to make housing more affordable.<\/p>\n

Late last year, an earlier version of COPA failed after Mayor Eric Adams vetoed it on his last day in office.<\/p>\n

The council wasn\u2019t able to override him, but now it\u2019s taking another bite at the apple.<\/p>\n

One key problem with COPA is the heavy regulatory burden it would impose on owners.<\/p>\n

Anyone intending to sell a \u201ccovered property\u201d would first have to notify both the city\u2019s Department of Housing Preservation and Development and a list of department-approved nonprofits of the intended sale.<\/p>\n

The groups would then have 20 days to submit a \u201cstatement of interest\u201d if they are thinking of purchasing. Those that do would have another 70 days to make an offer.<\/p>\n

If the nonprofits don\u2019t submit an offer, or if their offers are rejected, the owner can solicit private bids.<\/p>\n

But the law would grant nonprofits a \u201cright to first refusal,\u201d meaning they would have to be notified of all private offers received.<\/p>\n

Owners would be obligated to sell to them should they match the terms made by another private buyer.<\/p>\n

In other words, the city would force owners to contract with nonprofits of its choosing \u2014 an egregious attack on private property that my colleague Christian Browne has noted could very well violate state law.<\/p>\n

As written, COPA could sweep thousands of buildings across the city into its scope, including distressed properties, buildings in foreclosure, properties with outstanding violations and those with expiring affordability agreements.<\/p>\n

Few buyers will want properties encumbered by months of delay, higher legal fees and uncertainty.<\/p>\n

Even third-party bidders will think twice if a deal can be pulled out from under them.<\/p>\n

The bill\u2019s likely result: depressed property values. Shoddier units. And tenants suffering, in turn.<\/p>\n

Owners who know their properties are worth less will try to cut their losses by putting less money into them.<\/p>\n

Read more How do I tell my best friend I\u2019ve fallen in love with her?<\/a><\/p>\n

Any improvements in \u201caffordability\u201d would thus come at the cost of quality; buildings subject to COPA will be in poorer conditions than if left in private hands.<\/p>\n

This isn\u2019t mere speculation. After decades on the books, Washington, DC, rolled back parts of its version of COPA.<\/p>\n

Not only did the law produce costly delays and uncertainty, it failed to deliver the hoped-for wave of tenant and nonprofit ownership.<\/p>\n

It created a weaker housing market: delayed sales, less investment and aging buildings left with owners who wanted out.<\/p>\n

In addition, many nonprofits buyers will likely enter into preservation agreements with the city\u2019s Department of Housing Preservation & Development to secure property-tax exemptions over their new buildings.<\/p>\n

When buildings stop paying property taxes, the city doesn\u2019t cut spending to make up the difference.<\/p>\n

It\u2019s up to remaining taxpayers to pick up the slack \u2014 and subsidize the nonprofit sector and its jobs.<\/p>\n

Worse, nonprofits or \u201ccommunity-based organizations\u201d aren\u2019t any better at providing housing.<\/p>\n

Just because a building is owned by a nonprofit doesn\u2019t mean it doesn\u2019t have to pay its bills. There\u2019s no escaping the hard reality that rents need to cover costs.<\/p>\n

The average operating income of a pre-1974 stabilized unit is just $512 per month \u2014 before paying the mortgage. In The Bronx, it\u2019s just $283.<\/p>\n

Over 20% of nonprofits\u2019 current portfolio isn\u2019t even bringing in enough revenue to meet expenses.<\/p>\n

But for the city\u2019s far left, COPA offers a chance to strengthen its voter base by supporting jobs in the NGO housing sector, dependent on public-sector support.<\/p>\n

\n<\/div>\n

It would do little to improve the quality of housing, and its ability to make apartments more affordable is dubious, at best.<\/p>\n

If city leaders are serious about making housing truly more affordable and fostering long-term communities, they would encourage private<\/em> investment \u2014 by making it easier to build new housing and reducing the regulatory frictions to enter and exit the housing market.<\/p>\n

When regulation makes investment less attractive, the public suffers: Just look at New York\u2019s 50,000 vacant rent-stabilized units, the result of laws that make it impossible to recover expenses to bring apartments up to code.<\/p>\n

Whatever its intentions, COPA is a serious threat to private property from city leaders who are unserious about making housing better or more affordable.<\/p>\n

Read more Fight over Park Slope Coop Israel boycott has Jewish members fearing for their safety \u2014 all over 5 products<\/a><\/p>\n

Adam Lehodey is an investigative reporter at Manhattan Institute\u2019s City Journal.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

New York\u2019s City Council is intent on helping nonprofits snap up apartment buildings, whether owners want to sell to them or not. 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