Opinion: The Community Opportunity to Purchase Act gives older adults a fighting chance to stay in their homes

New Yorkers deserve to age with security and dignity, but rising rents and growing economic hardship are putting that at risk for a rapidly expanding older population. Over the past decade, the number of residents 65 and older in New York City has grown by 34%, with nearly 50% more living below the poverty line. Many rely on fixed incomes and spend over half their income on rent, forcing them to make painful choices between housing and basic necessities. With 3 in 5 older adults now rent-burdened and increasingly at risk of displacement, the Community Opportunity to Purchase Act offers a practical way to protect tenants and preserve affordability when eligible residential properties go up for sale.

When a residential building hits the market, tenants are often the last to know. Investors can sweep in, outbid mission-driven buyers, and then hike rents, pressure residents or let repairs slide, which are common tactics to kick out tenants. That churn devastates communities and is especially dangerous for older adults, who face heightened health and financial risks when they are forced to uproot their lives.

COPA changes that dynamic. It requires owners of COPA-eligible buildings to notify the Department of Housing Preservation and Development and the list of qualified purchasers when listing a building for sale. Those qualified entities get the first opportunity to make an offer and the chance to match competing bids. Affordable housing developers get a chance to buy and preserve these buildings before out-of-state speculators with wads of cash can come in.

This policy is not an experiment. San Francisco has a COPA program proven to keep housing affordable, prevent displacement and strengthen neighborhoods. Bringing that same commonsense approach to New York will help give mission-driven buyers a leg up.

Community land trusts and nonprofit developers have a strong track record of preserving housing because they remove land and housing from the market and put it in community control. They do not buy to flip. They buy to keep tenants here, reinvest in repairs and lock in affordability for generations. That permanent mindset is precisely what New York needs as our older adult population grows and as poverty among older New Yorkers reaches alarming levels.

AARP New York hears from older adults every day who fear they could become homeless. When they face eviction or sudden rent hikes, the fallout is profound, negatively impacting health, severing ties with family and neighbors, and too often steering them into an already overburdened shelter system. COPA addresses these crises at the source. By preserving affordability at the point of sale, it stops the cascade of disruption that follows speculative purchases. Older adults gain the stability they need to remain close to doctors, caregivers, places of worship and the support networks that help them thrive. Families avoid displacement and neighborhoods retain their culture, history and multigenerational connections.

There is no single piece of legislation that will solve New York City’s housing crisis. But there are bills that make a concrete difference in people’s lives. COPA is one of them. It is practical, targeted and it intervenes at a critical moment. It strengthens what works: mission-driven ownership, tenant stability and community stewardship. At a time when many older New Yorkers are struggling to stay in their homes, we should be moving swiftly toward solutions that preserve homes, protect tenants and keep communities intact.

Older New Yorkers built this city and continue to make it great. They should not be priced out of the neighborhoods they call home. COPA gives New York City a powerful tool to preserve affordable housing and build a future where stability is not reserved for the wealthy. The City Council now has the opportunity to act on that promise and ensure that New Yorkers can age with dignity in the city they love.