Nonprofits and community groups in New York City will be given first crack at buying distressed multifamily buildings before they hit the private market, under a bill signed by Mayor Zohran Mamdani on Tuesday.
Mayor Zohran Mamdani signed legislation Tuesday giving nonprofit housing organizations the first opportunity to purchase certain distressed and affordable apartment buildings — ending a six-year legislative fight that survived a veto by former Mayor Eric Adams and months of negotiations with the rea…
Mayor Zohran Mamdani signed a controversial law Tuesday that gives nonprofits first dibs at buying distressed residential buildings in the Big Apple. Hizzoner put his John Hancock on the Community Opportunity to Purchase Act — only the second bill he’s signed in the 11 months since he took office — …
Mamdani’s new law gives qualified nonprofits priority to purchase roughly 2,100 distressed properties, limiting when and how landlords can sell to outside buyers. The post Mamdani Signs Law Giving Nonprofits First Dibs on Distressed NYC Buildings first appeared on Le·gal In·sur·rec·tion .
New York City Mayor Zohran Mamdani (D) signed a bill into law Tuesday that allows qualified nonprofits and other community organizations the first chance to buy certain types of apartment buildings for sale.
New York City Mayor Zohran Mamdani has signed a law giving nonprofits and community groups the first chance to buy certain apartment buildings before they […] Source
