NYC Council passes act to preserve affordable housing
The measure will target buildings at high risk of being flipped and losing affordability.
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The city council has passed the "Community Opportunity to Purchase Act" to preserve affordable housing.
The landmark legislation gives qualified buyers, including community land trusts and other vetted nonprofits and joint ventures, a first opportunity to purchase certain multifamily buildings when they are up for sale.
The measure will target buildings at high risk of being flipped and losing affordability.
