(The Center Square) — Nonprofits and community groups in New York City will be given first crack at buying distressed multifamily buildings before they hit the private market, under a bill signed by Mayor Zohran Mamdani on Tuesday.
The legislation, called the Community Opportunity to Purchase Act, will give qualified entities — such as community land trusts and local development groups — the early option to bid on certain kinds of multifamily properties before they are put on the open market. Backers of the plan say it will prevent predatory investment groups from buying up properties and overcharging for rent…