As NYC hotels struggle to rebound from crushing losses during the pandemic, the Empire State has enacted a series of measures aimed at making it easier for nonprofits to purchase struggling hotels for conversion into affordable multifamily units.
Gov. Kathy Hochul recently signed a bill exempting hotel conversion projects from a lengthy review process, which developers had blamed for the low number of applicants seeking access to a state program that funds adaptive reuse projects.
The new law lets hotels keep their certificates of occupancy if they switch to residential use, alleviating them of the need to acquire new COs. The bill makes it easier for Class B hotels inside or within 400 feet of residentially zoned districts to access funding from NY's Housing Our Neighbors With Dignity Act (HONDA).
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