NYC poised to force landlords to sell private property to non-profits to ensure 'affordable housing'

“Today marks the beginning of a new social housing era in New York City…  - Thomas Stevenson

The New York City Council ...(COPA) that will force private building owners to offer up their property to nonprofits and government entities before they make any private sale, effectively causing massive delays in property sales and other regulatory hurdles in the Big Apple’s housing industry...

“Today marks the beginning of a new social housing era in New York City… COPA levels the playing field and makes it possible to preserve and create thousands of permanently affordable homes across our city.”

The act dictates that landlords must 

• first tip off the government entities and nonprofits that qualify, and “may not take any action that will result in the sale of such covered property to a person other than” those entities. 
• Then the owner must sit on that property for 25 days as it is up for sale to the nonprofits, which can submit a statement of interest.
• If the statement of interest is submitted to the property owner, the nonprofit entity then has 80 days to submit a first offer. 
• Only after rejecting any offer from the nonprofit during those 80 days would the owner then be able to list the property for public sale.
• That, however, is not the end of the red tape...