Why it matters
The law could affect nonprofits, owners and prospective buyers of distressed residential buildings in New York City. The articles do not detail how many properties may be covered or the law’s expected effect on housing costs.
What happens next
The law has been signed. The reports do not specify when it takes effect or how the city will implement it.
The law’s effective date and implementation details
How the first-opportunity process affects nonprofits and property sales