The New York City Council is considering legislation designed to give nonprofits greater access to residential and commercial real estate that goes on the market — but with a potentially costly catch.

Sources with the real estate industry say the bill, if enacted, could increase costs and add significant delays and complicate borrowing, which could affect property sales.

The Community Opportunity to Purchase Act or COPA, also known as Intro 902, would require owners of buildings with three or more residential units to notify the Department of Housing Preservation and Development and a list of “qualified entities” when their buildings will be listed for sale, giving these nonprofits a first right of refusal to purchase a residential property.

These nonprofits would then be allowed to sub

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