November 14, 2021
Real Estate

Closed Hotels to Get Second Life as Housing Under Newly Passed Bill in New York State

New York state is primed to spend $100 million to convert distressed commercial properties into affordable housing, following the recent passage of a bill in Albany.

The bill, which passed both houses of the Legislature, empowers New York’s Housing Trust Fund Corporation to finance the purchase of empty hotels and offices, then redevelop them into rental apartments for homeless and low-income New Yorkers.

Under the terms, eligible properties would be owned and managed by nonprofit landlords. The legislation requires that the apartments remain permanently affordable to people making no more than 80% of the area median income.

Gov. Andrew Cuomo

has yet to sign the bill. A spokesman said Mr. Cuomo’s office is still reviewing it.

After the Covid-19 pandemic closed the doors of thousands of hotels, offices and other…

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