Tenant Opportunity to Purchase Act (TOPA)

What Is TOPA?

Also known as the Tenant Opportunity to Purchase Act, gives tenants the first chance to buy their building when it’s up for sale. By working together, tenants can secure public funds to convert their buildings into affordable housing.

“We urgently need TOPA to intervene in the cycle of speculation that drives longtime residents out of their homes and makes New York less affordable for everyone,” said Arielle Hersh, Director of Policy and New Projects at UHAB. “TOPA would create a pathway to affordable homeownership for New Yorkers most at risk of displacement, and stabilize surrounding communities in the process.”

New Economy Project. (2024, February). Tenants, community groups, and electeds launch campaign to pass the tenant opportunity to purchase act with rally in Brooklyn. New Economy Project. Read more.
Key Benefits
  • Enhances Tenants’ Rights: Tenants can negotiate with landlords, preventing quick sales to speculators.
  • Path to Affordable Housing: Converts buildings into co-ops, community land trusts, or public housing.
  • Proven Success: Cities like Washington D.C. and San Francisco have created many affordable units using TOPA.
How It Works
  • Owner Notification: Owner informs tenants of the intention to sell.
  • Tenants’ Intent: Tenants have 20-45 days to indicate their interest to purchase.
  • Forming a Union: Tenants have an additional 45-90 days to form a union or assign purchase rights.
  • Offer Submission: Owner can accept or reject the offer, with incentives for acceptance.
  • Securing Funds: Tenants have 30-120+ days to secure financing.

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