Commies hate property owners, especially ones who happen to be landlords. In New York, the next step on the path to communism has been taken. Mamdani just signed a law that any apartment building sold must first be offered to approved “non-profits” who will have an exclusive 145-day window to buy the property. If the sale doesn’t go through, but the property is sold within 12 months of the end of that window, the organizations will have the right of first refusal, allowing them to match the competing offer.
The law covers buildings with four or more units that are in significant disrepair, as well as properties with existing affordability restrictions. Note that the term ” disrepair ” doesn’t seem to be defined anywhere.
The city government will maintain a list of qualified entities, including nonprofit housing organizations, tenant groups, community land trusts, and other organizations that won’t be corrupt or funnel any money to government officials.
This is going to destroy the New York real estate market.
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