Braverman Greenspun partner Benjamin Flavin authored an article for the New York Law Journal analyzing New York City’s proposed Community Opportunity to Purchase Act (COPA) and its potential impact on real estate transactions and housing policy. The article examines the legislation’s structure, its legislative history, and the broader context of similar initiatives at the state and national levels.
Ben outlines how COPA would have granted qualified nonprofit entities the first opportunity to purchase certain multi-dwelling residential buildings, subject to detailed notice requirements, timelines, and rights of first refusal. He highlights the law’s procedural framework, including the role of the New York City Department of Housing Preservation and Development (HPD) in overseeing eligibility, tracking transactions, and administering compliance. The article also explores comparable Tenant Opportunity to Purchase Act (TOPA) models in jurisdictions such as Washington, D.C. and San Francisco, noting key differences in structure and implementation.
Ben further addresses the practical and transactional implications of COPA, including potential delays, financing challenges, and increased compliance burdens for property owners and lenders. Ben emphasizes that administrative capacity and regulatory clarity will be critical to the viability of any future iteration of the law, particularly given New York City’s market scale and existing housing infrastructure demands.
Read the full article here.