Bill > A06100

This bill establishes the Tenant Opportunity to Purchase Act (TOPA), which aims to prevent the displacement of lower-income tenants in New York and preserve affordable housing by providing tenants with the first right to purchase their rental properties when an owner intends to sell. The bill creates a comprehensive framework that requires property owners to first offer their rental housing accommodations to current tenants or qualified purchasers before selling to third-party buyers. Under the bill, tenants have the right to form a tenant organization, select a supportive partner, and submit an offer to purchase their property, with varying timeframes depending on the number of units in the building. Qualified purchasers, typically nonprofit organizations committed to affordable housing, can also exercise these rights. The bill includes specific provisions for appraisals, price stabilization, and permanent affordability, ensuring that purchased properties remain affordable for future low and moderate-income households. Owners who do not comply with the act can face significant civil penalties, including fines up to $1,000 per day per tenant-occupied unit. The legislation applies to most residential rental properties in New York, with some exemptions, and is designed to give tenants a meaningful opportunity to maintain their housing stability and potentially become homeowners.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A6100