COMMERCIAL OBSERVER: NYC’s Oversupply of Hotel Rooms Can Solve Its Affordable Housing Crisis

NEW YORK CITY: Mayor Eric Adams hasn’t furnished concrete details on how to produce 25,000 new apartments from hotels. And there are multiple layers of complex policy that officials need to unpack, across various city and state agencies.

Does the city need a new tax incentive program to encourage these projects? What kind of zoning changes need to be made?

How should the state legislature change the multiple dwelling law to encourage commercial conversions?

How much money should the city set aside to encourage affordable housing in hotels and office buildings?

The mayor’s office didn’t furnish specifics on Adams’ plan, but did say that “safe, affordable housing is a top priority for this administration, and we will use every tool in our toolbox to create and preserve the housing New Yorkers need.”

Amid these questions, many hoteliers have begun to consider whether converting their buildings to apartments is possible or financially feasible....

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https://commercialobserver.com/2022/01/new-york-city-hotel-rooms-afford…