we go to press, the Community Opportunity to Purchase Act (COPA) is making its way through the City Council. It requires property owners to offer registered non-profits both the first and last opportunity to purchase their property before it can be sold on the open market. This can and will add months, or even up to a year, to a transaction and introduces significant procedural hurdles throughout the process. Below are the key provisions of the bill:
• The bill aims to preserve and expand permanently affordable, community-controlled, and tenant-controlled housing and to prevent the displacement of low-income residents.
• It applies to residential buildings with three or more dwelling units.
• Owners must notify the NYC Department of Housing Preservation and Development (HPD) and a list of “qualified entities” (housing non-profits) at least 180 days before selling an eligible building. 
• Qualified entities have 60 days to express intent to purchase and then a total of 120 days from the initial notice to submit a competitive offer.
• The qualified entities also can match any bona fide third-party offer the owner receives. These are generally non-profit organizations certified by HPD that demonstrate a commitment to creating and preserving permanently affordable housing for extremely low, very low, and low-income residents.
• An owner who violates the provisions of the bill would be liable for a civil penalty of $30,000.
This seems blatantly unconstitutional, but don’t put it past the City Council to pass it. The legislation currently has 34 sponsors, which is a veto-proof majority.