NYC REALTOR® Call for Action – Oppose NYC “First Opportunity to Purchase” Bill

The New York City Council is considering legislation Int. No. 196, which would establish a right of "first opportunity to purchase" for not-for-profit organizations. Specifically, the bill would require property owners of buildings with 3 or more units to notify New York City's Department of Housing Preservation and Development (HPD) at least 180 days prior to listing a building for sale. Should a nonprofit submit a “notice of an intent to exercise an opportunity to purchase" during that time period, the sale could be delayed an additional 120 days. The property owner would be prohibited from accepting any offers outside of nonprofits approved by HPD during this time. Tell your NYC Council Member to oppose Int. No. 196 now by clicking HERE – deadline to respond to this CFA is this Monday, February 27.

NYC Mayor Eric Adams’ administration has also expressed concerns with the bill at a public hearing that was held Thursday saying that the legislation is “very broad” and “risks significantly disrupting the housing market, potentially causing the most significant harm to small property owners.” Learn more.