This is just an effort to enrich leftists' NGO allies.
Here's how this goes down:
If this even succeeds, which I have my doubts about whether courts would even allow it; these properties get taken over by New York Communities For Housing Justice or whatever the fuck. NYCHJ or whoever realizes they can't actually afford any of this, demands a bailout, gets it, and then, five years later, indictments are handed down to the nonprofit execs who were using the money to fund trips to Costa Rica and payments for their Acuras.
Meanwhile, the slums get sold to private developers who evict the tenants and build luxury condos.
NEW: NYC Mayor Mamdani announces plans to transfer ownership from “bad landlords” to non-profits.