Establishes the "tenant opportunity to purchase act" to prevent displacement of lower-income tenants and preserve affordable housing.

The Tenant Opportunity to Purchase Act (TOPA) aims to prevent the displacement of lower-income tenants in New York and preserve affordable housing by giving tenants and qualified purchasers the first opportunity to purchase rental properties. Owners must notify tenants of their intent to sell and offer them the first right to purchase. If tenants decline, qualified purchasers have the second right to purchase. The act includes provisions for permanent affordability, supportive partners, and enforcement mechanisms. It applies to most rental properties unless exempted.

Establishes the "tenant opportunity to purchase act" to prevent displacement of lower-income tenants and preserve affordable housing.

The Tenant Opportunity to Purchase Act (TOPA) aims to prevent the displacement of lower-income tenants in New York and preserve affordable housing by giving tenants and qualified purchasers the first opportunity to purchase rental properties. Owners must notify tenants of their intent to sell and offer them the first right to purchase. If tenants decline, qualified purchasers have the second right to purchase. The act includes provisions for permanent affordability, supportive partners, and enforcement mechanisms. It applies to most rental properties unless exempted.