NYC COPA: What It Would Cover—and Why 1–3 Unit Deals Are the Cleanest Right Now

Where it stands (today): COPA isn’t law yet. Mayor Eric Adams vetoed the bill on Dec 31, 2025. The next Council could try to override or bring a new version in 2026, but for now there’s no COPA process slowing sales.

What COPA would target (in plain English)

  • Property type: Class A multifamily with 4+ units that meet “at-risk” criteria (e.g., expiring affordability, serious code issues, certain enforcement/foreclosure situations). Owner-occupied ≤5 units are excluded. In short: the 4-unit line is where COPA starts.

  • Process/timing: City-approved nonprofits (and some nonprofit/for-profit JVs) get first shot to bid and, in some cases, a right to match later offers. Draft timelines commonly cited: 25 days to express interest, 80 days to submit an offer, 15 days to match.

Why this matters: Those extra steps = time risk (carry, rate locks, 1031 clocks) and more paperwork before you can go to contract.

So why focus on SFR/duplex/triplex (1–3 units)?

Because COPA’s draft scope starts at 4+ units. If you want to steer clear of possible COPA delays, the simplest filter is 1–3-unit assets (SFR, duplex, triplex). That’s broader than just SFR/duplex—and it keeps you below the likely coverage threshold.

(Note: If a future version tweaks exemptions, always confirm before money goes hard.)

If it comes back, here’s the quick playbook

  • Ask early: Is the building 4+ units and “at-risk” under HPD’s criteria? If yes, price the COPA timeline into your LOI and PSA.

  • Paper the clock: Bake the 25/80/15 windows + automatic extensions into the contract so deposits aren’t trapped if a match right appears.

  • Have a Plan B: Keep a 1–3-unit alternative teed up to avoid idle capital if a nonprofit steps in.

Bottom line (and why timing favors buyers now)

  • Right now: COPA is vetoed—no extra offer/match windows to slow your deal. If you’re shopping small multifamily in NYC, Q1 is a cleaner window to transact, especially on 1–3 units.

  • If/when revived: Expect the 4+ unit threshold and nonprofit timelines to add steps. Aim under 4 units for speed, or underwrite the delay.

This post is general information, not legal advice. Always confirm status with your attorney before you sign.