A controversial new measure quietly approved by New York City Council requires property owners to offer nonprofits the first right to purchase their buildings for a 90-day period before other buyers can make an offer. The legislation aims to give community-based organizations more opportunities to acquire struggling properties, potentially preventing foreclosures or speculative purchases. Critics argue the mandate could disrupt real estate transactions and reduce property values, while supporters say it protects vulnerable neighborhoods from rapid development or investor takeovers. The bill now awaits the mayor’s approval before taking effect.
NYC Council quietly passes bill that forces owners to give nonprofits first dibs on buying their properties for 90 days New York Post
