A series of revised housing regulation bills are set to be considered at the New York City Council’s final meeting next week. These proposals, which have drawn concern from landlords, brokers, and developers, include updates to the Community Opportunity to Purchase Act (COPA) and other measures affecting city-funded housing projects.
The latest versions of these bills introduce several changes. COPA no longer applies to vacant properties zoned for residential use or buildings with expired affordability requirements in the past two years. Properties with unpaid municipal charges exceeding $1,500 per unit are also excluded. Additionally, only properties enrolled in the alternative enforcement program for at least a year now qualify.
The exclusivity period under COPA has been reduced to 105 days. The threshold for city financing that triggers certain regulations is raised from $1 million to $1.5 million, and supportive housing is excluded from some provisions. The rules now apply only to projects creating or preserving at least 150 units instead of 100.
Landlords would be required to provide cooling systems between June 15 and September 12 that keep primary sleeping spaces below 78 degrees Fahrenheit. For rent-regulated tenants, the new version specifies they must consent to improvements needed for compliance and any associated charges permitted by state law—a change seen as favorable by owners of rent-stabilized buildings.
Other adjustments carve out exceptions for projects with significant senior housing components or fewer than 20 units, as well as those receiving key approvals by certain dates. The Department of Housing Preservation and Development (HPD) may adjust percentages if federal funding drops significantly or disappears altogether.
There are also changes regarding minimum affordability standards: buildings with fewer than 75 units or those already approved by specific dates will not count toward overall targets.
No updated version has yet been posted concerning minimum homeownership requirements in city-funded projects.
Elsewhere in New York politics, Governor Kathy Hochul currently has over 150 bills awaiting her signature; among them are measures related to prison oversight and artificial intelligence safety requirements—topics that have drawn national attention due to potential federal intervention efforts.
In recent political developments, Mayor-elect Zohran Mamdani attempted but was ultimately unsuccessful in delaying endorsements during the race for City Council speaker; Julie Menin declared victory late last month.
On the real estate front, Thursday’s top residential sale was a $12.5 million condominium at 11 North Moore Street in Tribeca. The highest commercial transaction was a $7 million multi-family townhouse at 198 Sixth Avenue in Soho, listed by Paul Murphy and Edward Svec with Compass. A new listing entered the market at $16 million for a condominium at 92 Laight Street in Tribeca through the Leonard Steinberg Team at Compass.
The largest new project filing involved permits for six new buildings totaling 360 affordable units in East New York; filings were made by Michael Gelfand on behalf of Rona Reodica from the Division of Building and Land Development Services.
