Landlords in New York City have expressed strong opposition to the proposed Community Opportunity to Purchase Act (COPA), a bill sponsored by Council member Sandy Nurse. The legislation would give nonprofit organizations an exclusive window to purchase apartment buildings before they are sold on the open market, with the aim of curbing rent increases and keeping housing affordable.
Supporters of COPA argue that giving nonprofits priority in buying residential properties could help prevent “profiteers” from driving up rents. Critics, however, question whether such measures would be effective or practical if applied beyond housing.
Some have raised hypothetical scenarios about extending COPA-style laws to other essential goods, such as food and clothing. They point out that supermarkets typically operate on slim profit margins—ranging from 1 percent to 3 percent—and yet many New Yorkers still struggle with food insecurity. These critics suggest that requiring farmers or manufacturers to offer their products first to nonprofits could delay sales and potentially lead to spoilage of perishable items.
The debate also highlights concerns about the financial health of nonprofit landlords in New York City. Many are reportedly struggling due to constraints imposed by the Housing Stability and Tenant Protection Act (HSTPA) of 2019, which limited rent increases for stabilized apartments. Additionally, evicting non-paying tenants has become more time-consuming, and insurance costs have risen significantly.
Even when buildings are owned by nonprofits, they must generate enough revenue to cover operating expenses. While these organizations do not make a traditional profit, any surplus is used for staff salaries and executive compensation. For instance, Riseboro Community Partnership paid $30 million in staff wages and $2.5 million in executive compensation last year, accounting for nearly half its total expenses.
Despite skepticism about COPA’s effectiveness—both in terms of its impact on affordability and its potential application outside housing—the bill remains under consideration by the City Council.
