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New York Could Turn Hotels, Office Buildings Into Affordable Housing Under State Senate Bill

The bill calls for turning financially distressed properties into housing for homeless New Yorkers and those living in poverty.

3/3/2021 12:00:00 PM

New York state could buy financially distressed office buildings and hotels and convert them into affordable housing for homeless and impoverished New Yorkers under a new bill

The bill calls for turning financially distressed properties into housing for homeless New Yorkers and those living in poverty.

March 2, 2021 5:18 pm ETNew York state could buy financially distressed office buildings and hotels and convert them into affordable housing for homeless and impoverished New Yorkers under a bill being considered in the state Senate.The bill, introduced this week, is similar to a plan proposed by Gov. Andrew Cuomo during his

State of the State speechin January. However, State Sen. Michael Gianaris, a Queens Democrat who wrote and sponsored the bill, said the Senate proposal mandates affordable units and would only be open to commercial buildings in distress and up for sale.

“We have known for decades that there’s a massive affordable housing crunch, so this is something that’s been in need for forever,” Mr. Gianaris said in an interview, noting that the governor’s plan is “vague” and could just create more market-rate or luxury housing. headtopics.com

A spokesman for the governor said the administration would review the bill.New York City’s commercial districts have been hobbled by the Covid-19 pandemic. In Manhattan, the overall commercial vacancy rate increased to 13.3% in the third quarter of 2020, the highest number in 24 years, according to a report from real estate services firm Cushman & Wakefield .

Read more: The Wall Street Journal »

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Another great reason not to live in welfare cesspool NYC. Everything is free for the lazy people who don’t work. The tax payers pay the bill for these freeloaders. What a dump NYC is. The stampede out of NYC accelerates. If taxes weren’t so high there wouldn’t be so much homelessness. These poor people. I hope they get some relief

Or NY State could invest in early childhood education, mental health, nutrition, higher education - and build an environment to attract high paying jobs. This approach can lift people from poverty and homelessness. SenSanders SenWarren SecretaryPete SenSchumer RepAOC NY state could buy financially distressed property with tax money stolen from the American people!

So more projects? Do I need to put the politicians through a history course? Great news More slums. They'll need a police station on every floor. Hey that’s what they did with Cecil Hotel in California, see how that turned out A great way to destroy NY. Finally. Good idea Why weren’t they doing this to begin with? What’s the catch now?

They could. But they won't. 🇩🇪09:57-Germany Services PMI Business Activity Index stood at 45,7 in February,marking a 1-index-point decrease in comparison to the previous month,according to a report by IHS Markit published.The figure marks the index's lowest point since May 2020. 🛑Hate and persecution🇪🇸 👇

Great idea! Fast track to dystopia. Clumping people with little or no income has worked well in housing projects, right? Reread Jane Jacobs. Maybe start with trump tower? Creative solutions...I like it Commercial real estate is doing well I see.