NY Gov. Hochul Signs Bill Allowing for Unused Hotels to be Converted to Affordable Housing

Earlier in June, NY Governor Hochul signed a bill that would make it easier for NYC to convert underused hotels into affordable housing. The governor argued that these hotels only brought down NYC and by converting them to housing, it is a win-win scenario by saying, "They pay people low wages, they're run down and sometimes they present a safety risk, these hotels need to be reimagined." NYC Mayor Adams is also a big advocate of the bill, claiming that this will help alleviate both the “oversaturated hotel market” and the housing problem that the city has been facing in recent times. The bill also grants NYC $200 million in order to help them in the conversion of these facilities. Advocates of the bill have been trying to convert underused hotels for a few years now, but they have been slowed down by primarily two factors. First and foremost, many of these properties were built a long time ago and would not pass the zoning and code requirements for a modern housing complex without extensive renovations. Additionally, many critics have argued that converting such buildings into affordable housing would decrease the surrounding property values and lead to more long-term issues.

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Source: https://patch.com/new-york/new-york-city/unused-nyc-hotels-can-be-converted-apartments-under-new-law