New York had ambitious plan to convert tens of thousands of Covid-emptied hotel rooms into affordable housing. But after a year and $200M committed, it hasn’t created a single apartment, thanks in part to piecemeal policy and a powerful union.
On the campaign trail last September, Mayor Eric Adams called hotel conversions a “once-in-generation opportunity.” | Julia Nikhinson/AP PhotoNEW YORK — With rents soaring and tourism rebounding, New York’s ambitious plan to convert tens of thousands of Covid-emptied hotel rooms into affordable housing is looking like a bust.has created 12,500 homes over the last two years, and municipalities from Missouri to Florida have followed suit.
But success relies on a depressed hotel sector spurring owners to sell, and that’s put Adams, who enjoys the HTC’s backing, in an odd position as he looks to tourism to rouse the city’s economy from its pandemic slumber. In June, the state Legislature eased those barriers and added another $100 million to the program. But still, it’s received just a handful of proposals from developers — four in New York City and one elsewhere in the state, according to the state Department of Homes and Community Renewal. And those proposals represent the earliest stages of a longer review and application process, the agency said.
New York City Mayor Eric Adams speaks to members of the media after testifying during a hearing on gun violence on Capitol Hill on June 8, 2022. | Andrew Harnek/AP Photo “Failing and distressed hotels that pay workers low-wages and are a safety risk to their neighborhoods should be converted into affordable housing,” Rich Maroko, president of the union, said in a statement. “But hotels that provide high-quality jobs and support the tourism industry should be preserved. We now have a smart, thoughtful program that can accomplish all of these goals.”
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