Nonprofits play a key role in creating more affordable cities through community support and initiatives.
In the recently concluded election, New Yorkers demonstrated an unprecedented commitment to addressing the critical issue of housing affordability, as evidenced by record voter turnout. The incoming mayor and City Council face a formidable challenge; however, they are also presented with an essential opportunity to enact transformative policies that tackle the city’s pressing affordability crisis starting from day one.
One of the pivotal initiatives currently under consideration is the Community Opportunity to Purchase Act (COPA), a legislative measure designed to counteract the detrimental effects of rampant real estate speculation that has long plagued diverse neighborhoods throughout the city. By providing mission-driven nonprofit developers, as well as for-profit entities that partner with them, the first opportunity to purchase multifamily buildings being sold, COPA aims to fortify long-term housing affordability. This approach enables qualified buyers to make fair-market offers within a limited timeframe, thereby allowing them to secure properties before they are exposed to the unrestricted open market.
Organizations like the Fifth Avenue Committee have considerable experience in facilitating such transactions and view COPA as a valuable mechanism to safeguard affordable housing for working-class families and communities of color. The framework established by COPA is designed not only to streamline the process of identifying and acquiring at-risk properties but also to create checks and balances that allow property owners to pursue other options if a viable offer is not presented within the specified period.
The effectiveness of COPA is not merely theoretical; a similar initiative in San Francisco, enacted in 2019, has already demonstrated significant success, preserving 463 homes for over 1,000 residents who might otherwise have been displaced. The compatibility of COPA with existing housing preservation strategies represents a concerted effort to maintain affordability while fostering collaboration between city housing agencies and preservation buyers.
Today’s New York housing market is characterized by the dominance of private equity firms, all-cash buyers, and speculative investors, all of whom often prioritize profit over community stability. This trend not only accelerates rent increases and contributes to building neglect but also threatens the very fabric of neighborhoods that have historically provided refuge for generations. The potential impact of COPA, when paired with robust tenant organizing and expanded funding for preservation efforts, could empower communities and non-profits to effectively compete against this profit-driven market.
Recent revisions to COPA, informed by stakeholder feedback, have included more defined timeframes and refined eligibility criteria, focusing on properties with significant tenant and affordability risks. While the scope of covered buildings is strategically narrowed, it still addresses a critical segment of the market that includes those most vulnerable to displacement.
In sum, the demand for affordable housing in New York is clear, and the passage of COPA represents a crucial step toward fulfilling that demand. The City Council must act decisively to endorse this measure and demonstrate responsiveness to the needs of its constituents.
