Politico: New York Playbook Newsletter
By Erin Durkin and Anne Gronewold
January 12, 2021
“OWNERS of largely empty hotels and office buildings in Manhattan’s central business district amid the coronavirus pandemic could convert their properties into apartments under a proposal announced Monday by Gov. Andrew Cuomo. During his 11th State of the State address, Cuomo said the COVID-19 outbreak has created opportunities for innovation — particularly when it comes to creating more housing at a time when hotel rooms and office buildings are largely vacant due to a halt in tourism and employees working from home to prevent the spread of the killer bug. “The housing problem in our cities has gotten worse. But the crisis of growing vacancies in our commercial property provides an opportunity. We should convert vacant commercial space to supportive and affordable housing and we should do it now,” Cuomo said. The legislation would create a five-year period during which owners of office buildings and hotels in midtown Manhattan could convert them for residential use — an idea backed by both the Real Estate Board of New York and the NYC Hotel Association.” New York Post’s Carl Campanile, Bernadette Hogan and Lois Weiss