In its final session of the year, New York City Council passed a new wave of housing legislation—prompting sharp criticism from industry professionals, including Lev Mavashev, Managing Principal of Alpha Realty.
“You can’t regulate your way to affordability,” said Mavashev. “Once again, the City rushed through short-sighted policy dressed up as ‘solutions.’”
NYC Council’s New Housing Legislation
Among the most controversial of the new measures is the Community Opportunity to Purchase Act (COPA), which grants nonprofits the first right of refusal to purchase multifamily buildings. But even the city’s own housing agency is raising red flags.
“HPD has already warned that COPA alone could cost $600 million just to implement and enforce,” Mavashev pointed out. “Think about that for a second. The very agency expected to carry this out is saying it’s unworkable.”.
Why Industry Leaders Are Concerned
According to Mavashev, these types of bills—while politically popular—miss the mark when it comes to real-world outcomes.
“These bills don’t fix affordability. They make it worse,” he said. “Higher costs, more bureaucracy, higher rents. For everyone.”
The criticism highlights a growing divide between policymakers and housing practitioners. “This is what happens when politicians ignore basic economics and real-world housing operations,” Mavashev noted. “They create headaches for owners, chaos for agencies, and ultimately harm the very tenants they claim to protect.”
As NYC faces a deepening housing crisis, Mavashev calls for a fundamental shift in approach: “We need policy grounded in reality, not ideology. That’s how you build a stable and truly affordable housing market.”