How will New York Convert Unused Buildings Into Housing?

Tuesday, April 20, 2021

Ken Fisher discusses a plan lawmakers are considering to convert distressed office buildings and hotels into housing in City & State New York. The distressed real estate would be converted as part of the state budget. Many of the identified buildings are empty and could help address New York City’s ongoing housing and homelessness crisis. Lawmakers have earmarked $100 million for the conversions, but that’s not nearly enough to accomplish what many housing advocates hope for. While Governor Cuomo is focused primarily on making it easier for for-profit developers, lawmakers want to get the buildings into the hands of nonprofits. The governor proposed an easing of zoning laws to benefit developers as long as a percentage of the new housing was affordable.

Developers and nonprofits often partner on such affordable housing projects. For these projects, developers are able to offer building expertise and capital that nonprofits may not otherwise be able to handle.

“For stuff like this, you've got, I don't know, maybe a dozen major, major not-for-profit organizations around the city that would have the capacity to do this,” Ken said.

To read the full article, click here.


Share on LinkedIn


Related Practice Areas

Keep up-to-date with the latest news from Cozen O'Connor

Enter your City or Zip.

Probably shouldn't change this:
Sign up to receive alerts, publications, and event / webinar invites.

By submitting your contact information, you are giving Cozen O'Connor consent to contact you via email.