With many moving parts and a shortage of details, can this NYC hotel conversion to affordable housing plan be done successfully?
NYC Hotel 
Affordable Housing…
In NYC can defunct hotels be successfully converted to affordable housing units?
As with most promises driven by political campaigning, the devil is in the as-yet to be released details that will ultimately cross various government jurisdictions!
From the Commercial Observer article, ‘Can NYC Successfully Convert Hotels and Offices to Affordable Housing?’…
‘…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…’
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Unlike hotel conversions, when it comes to obtaining title insurance for a residential or commercial property purchase in New York only one jurisdiction will be required, Hallmark Abstract Service…
Take a proactive look at the title insurance portion of your real estate transaction, this incredibly important piece of ANY residential or commercial real estate purchase!
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And if you want to understand more about title insurance and title insurance providers, please read the article…
‘Are New York Title Insurance Providers All The Same?’ here, https://www.hallmarkabstractllc.com/new-york-title-insurance/.
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Source article: https://commercialobserver.com/2022/01/new-york-city-hotel-rooms-affordable-housing-converting/
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