A year ago, Gov. Kathy Hochul and state lawmakers set aside $100 million to encourage real estate developers to take New York City’s vacant and underutilized hotels that were struggling due to a lack of guests during the pandemic and turn them into permanent housing for the homeless and low-income residents. Not one hotel has been converted under the program so far.
Lawmakers in Albany doubled the funding to $200 million this month and Hochul signed legislation waiving some regulatory hurdles to make it easier and faster for nonprofit developers to fully convert hotels into affordable and supportive housing. The new program, officials said, is meant to save developers time and money as a way of enticing them into converting enough units to help solve the city’s housing crisis. Read the full story.
