Two recent developments at City Hall highlight the ongoing tension between housing affordability goals and policies that risk disrupting the
In its first phase, the Alliance will focus on building a common understanding of Westchester’s economic composition and the key sectors that drive the local economy.
“Our data shows the market is adjusting rather than declining,” said Richard Haggerty, CEO of OneKey MLS.
Two recent developments at City Hall highlight the ongoing tension between housing affordability goals and policies that risk disrupting the real estate marketplace. As these debates continue, HGAR remains firmly committed to protecting property rights, promoting housing production and ensuring workable solutions for both consumers and Realtors.
This week, efforts to revive the Community Opportunity to Purchase Act (COPA) stalled after New York City Council leadership declined to advance an override vote of former Mayor Eric Adams’ veto. The bill, strongly supported by Mayor Zohran Mamdani and a group of Council members, failed to secure the 34 votes needed to override the veto and is not moving forward at this time.
COPA would have granted certain nonprofit organizations and designated entities a right of first refusal when multifamily properties are put up for sale, significantly interfering with private real estate transactions. While supporters frame the proposal as a preservation tool, HGAR strongly opposes COPA due to its far-reaching negative consequences for housing supply, property owners and the real estate marketplace.
COPA would:
HGAR has consistently maintained that policies that restrict the free transfer of property and create additional bureaucratic barriers will reduce housing availability, not expand it. The failure of the override is a positive outcome for Realtors, property owners and consumers who rely on a transparent, efficient housing market.
Supporters have signaled interest in reintroducing a revised version of COPA later this year. HGAR will remain actively engaged and opposed to any version of the bill that undermines property rights or disrupts market-driven housing solutions.
In a separate action, the City Council passed legislation requiring most residential apartment buildings to provide air conditioning by June 1, 2030. The bill became law after former Mayor Adams neither signed nor vetoed it within the statutory period.
Under the new law, landlords will be required to install and maintain cooling systems capable of keeping indoor temperatures at or below 78 degrees during the cooling season, defined as June 15 through Sept. 15. The extended implementation timeline is intended to give building owners time to address electrical capacity, infrastructure upgrades and financial planning.
Proponents argue the mandate responds to increasing heat-related health risks, particularly as extreme heat events become more frequent. However, many property owners and housing providers have raised concerns about:
The Department of Housing Preservation and Development (HPD) will oversee enforcement once the law takes effect, with complaints handled through 311. The legislation includes provisions for hardship exemptions, though details on implementation and enforcement are still forthcoming.
These actions underscore the direction of housing policy in New York City that is increasingly focused on regulation rather than production.
Realtors should be prepared to:
HGAR will continue to strongly oppose harmful legislation like COPA, while advocating for practical, market-based solutions that increase housing opportunities across New York City.
About the author: Dr. Jermaine Meadows is the Director of Government Affairs for the Bronx and Manhattan for the Hudson Gateway Association of Realtors.
Another major federal development affecting real estate professionals was the postponement of FinCEN’s Residential Real Estate Reporting Rule. Originally scheduled to take effect in 2025, the rule was delayed until March 1, 2026.
At the helm is City Council Speaker Julie Menin, who will continue to shape the council’s agenda and legislative priorities.
The governor emphasized the continued strain rising costs place on households and positioned housing production, regulatory reform and tenant protections as central tools to address those pressures.
This year’s accomplishments reflect HGAR’s continued commitment to advocacy, education and engagement.
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