The New York City Community Land Initiative is urging Governor Kathy Hochul and state lawmakers to enact sweeping reforms to address the housing affordability crisis, following the governor’s 2025 State of the State address.
In a statement released Friday, NYCCLI commended Hochul’s acknowledgment of the damage private equity speculation has caused in the real estate market. The governor proposed banning such firms from bidding on one- and two-family homes for the first 75 days they are on the market. However, the advocacy group argued the measure falls short of protecting millions of renters from the predatory practices of large corporate landlords.
NYCCLI is calling for the passage of the Tenant Opportunity to Purchase Act (TOPA), legislation that would give tenant associations and qualified nonprofits the first opportunity to purchase multifamily buildings when landlords decide to sell. The policy is modeled on successful initiatives in cities such as Washington, D.C., and San Francisco, where similar measures have helped preserve thousands of affordable homes.
“Paired with acquisition funding and technical assistance, TOPA creates pathways to truly affordable housing and resident control,” the statement read. NYCCLI emphasized the importance of combining the legislation with $250 million annually for acquisitions and technical support to maximize its impact.
The Senate Housing Committee advanced TOPA during the last legislative session, and it enjoys support from community land trusts, tenants, and housing advocates statewide. NYCCLI is urging the legislature to pass the measure this year and for Hochul to sign it into law, emphasizing that bold actions are necessary to combat the root causes of New York’s housing crisis, including unchecked real estate speculation.
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