Lawmakers pass plan to convert hotels and offices to affordable housing
Gianaris A bill to give New York state a framework for its $100 million plan to buy distressed hotels and office properties and convert them into permanently affordable housing was pushed forward by the state Legislature Wednesday. Gov. Andrew Cuomo has not committed to signing the bill. The Housing Our Neighbors With Dignity Act would require that at least 50% of the converted properties be set aside for those experiencing homelesness; the rest would go to tenants who make 50% to 80% of their area median income. The properties would be managed by nonprofit organizations and would be protecte...