Hotel-to-Housing Ban Could Cause More Problems Than It Will Solve
Recently the New York City Council passed, and the Mayor signed, legislation creating a two year moratorium on the owners of buildings used as hotels from being able to convert their buildings to residential use.
This is truly the definition of solving a problem that does not exist.
Meanwhile the City Council’s action is creating uncertainty among real estate owners and investors over what the City Council may do next, attempting to understand the reason for this action and preparing for its unintended consequences.
READ: Hotel-to-Housing Ban Could Cause More Problems Than It Will Solve