A New York bill would allow renters to buy the building they live in.
The Tenant Opportunity to Purchase Act would give tenants the first chance to buy their building if the owner decides to sell it. Renters could then work with community land trusts on the ownership model they want to have.
Chelsea Diaz, attorney at the New Economy Project, said it is one way to circumvent private equity companies that have raised rental prices and eroded the state’s affordable housing stock.
“These companies come in, they speculate on buildings and they purchase them,” Diaz explained. “Then, they flip them in a few years for maximum profit, and that cycle fuels evictions and it’s exacerbating our housing crisis.”
Private equity companies oppose the bill, which Diaz attributes to the prospect of renters cutting in on their business. Despite positive feedback from renters, she feels there is no sense of urgency from lawmakers to pass the bill.
Gov. Kathy Hochul’s 2026 budget proposal bans private equity firms from bidding on single-family homes for 75 days. But the ban does not address purchases of multifamily apartment buildings.
The Tenant Opportunity to Purchase Act is one of many bills and budget items meant to reduce the state’s affordable housing challenge. Diaz pointed out a $250 million acquisition and technical assistance fund would help renters fully benefit from the legislation if it passes.
“Tenants need to have the resources to bring their homes into community control,” Diaz contended. “That funding is critical to enable tenants to purchase and rehab their building, and also receive ongoing technical assistance to make sure they’re managing their buildings in the long-term, collectively.”
A New York State Comptroller’s Office report found about 52% of renters have high housing-cost burdens. However, the state is taking some action to help renters. In 2024, New York implemented “good cause” eviction protections, which several cities facing housing emergencies opted into.
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