New York City's real estate industry can breathe a sigh of relief: The housing bill that would have allowed nonprofits and partner organizations first dibs on some New York City apartment buildings is dead.

City Council Speaker Julie Menin had the option to resuscitate the Community Opportunity to Purchase Act, which was vetoed by former Mayor Eric Adams on his final day in office after the council passed it on the last day of the 2025 legislative session.

But Menin has decided to let Adams’ veto stand, City & State reported Tuesday afternoon. Democratic lawmakers learned during a Monday city council meeting that they wouldn't manage to gather the 34 votes needed for a supermajority, partially due to the legal concerns raised by Mayor Zohran Mamdani’s law department, The Real Deal reported.

The bill would have given nonprofits and partnerships of nonprofits and private developers approved by the city’s Department of Housing Preservation and Development the first right of refusal for properties listed for sale that had four or more units and specific violations.

Overturning Adams' veto was already considered a long shot. The bill passed the council with 30 votes last month — Menin was one of eight local lawmakers who abstained. She demurred to Bisnow earlier this month when asked about COPA's future.

Mamdani’s legal team warned the council on Monday that the legislation could be unconstitutional, Politico reported.

Mamdani had previously made COPA a cornerstone of his campaign and had told Politico earlier in the week via a spokesperson that he hoped the bill would be put to another vote. His office still wants the bill to get a new vote, a spokesperson told Bisnow Tuesday night.

"Mayor Mamdani has long supported the Community Opportunity to Purchase Act, and that support remains firm," the spokesperson said. "At a time when New Yorkers are fighting to stay in their homes, we urge the City Council to find a path to move this legislation forward."

Menin will bring 17 other bills Adams vetoed to the city council for another round of votes Thursday, including measures that would mandate developers provide tenants in 4% of newly built affordable units the option to buy their apartments after five years.

She let a veto remain in place on one other housing bill that would have required developers to include a minimum percentage of two- and three-bedroom apartments in new affordable housing developments where the city was providing financing.

The bill’s sponsor, Council Member Eric Dinowitz, plans to reintroduce a new version of the bill this session, City & State reported.

Even with the vetoes, there are still less restrictive ways that Mamdani could achieve his housing goals, Nixon Peabody partner Erica Buckley said by email. One option to replace COPA could be a voluntary program run through HPD, matchmaking interested sellers with nonprofit buyers.

“It would be good governance for the Mamdani administration to take a pragmatic approach on COPA,” Buckley said.