New York Lawmaker Proposes Converting Empty Offices and Hotels into Affordable Housing

New legislation called the “Housing Our Neighbors with dignity Act” would allow the state of New York to buy financially distressed commercial buildings and convert them into low-income and homeless housing. The state will purchase, acquire, restore, and hold the real estate before selling or transferring the assets to organizations that would manage them. The Real Estate Board of New York has advocated for the program and predicted that with a 10% conversion rate, 14,000 units could be created.