COPA limbo: Will the mayor veto controversial housing bills?
Eliad S. Shapiro, partner in Herrick's Litigation Department, was quoted in The Real Deal discussing the recent passing of the Community Opportunity to Purchase Act ("COPA") by the New York City Council, a measure that would give city-approved nonprofits the first opportunity to bid on certain multifamily buildings.
The article noted that under COPA, "when owners of certain multifamily buildings with four or more units want to sell their buildings, they must first notify the city and its approved prospective buyers. Those city-approved entities would then have 25 days to notify an owner that they are interested in bidding on a property. Once that time runs out, the interested qualified entities have 80 days to submit an offer. Qualified entities also have 15 days after a competing bid comes in to match it."
If COPA ultimately becomes law, Eliad thinks the measure could face a legal challenge.
"The right to negotiate, to dispose of your property however you want, sell it to whoever you want, is viewed by the courts as a fundamental property right," he said.
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