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Could commercial properties like hotels or mall be converted into housing?

A bill aimed at converting commercial properties into residential ones was quietly signed into law late last week by Gov. Andrew Cuomo.

The measures is meant to increase housing options through a targeted effort. Distressed hotels, shopping centers, and other commercial buildings could all be converted into much needed housing.

Throughout the state there is a lack of affordable, and even median income housing. It’s part of the Housing Our Neighbors with Dignity Act.

“The Housing Our Neighbors with Dignity Act will create a multi-faceted recovery plan for New York State,” said Assembly Member Karines Reyes, R.N. “The conversion of distressed commercial units into affordable housing units addresses the needs of our businesses and of our housing crisis.”

“New York has seen a decades-long affordable housing crunch exacerbated by the covid-19 pandemic and ensuing economic devastation. HONDA will tackle the dual problems of distressed properties and lack of affordable housing made worse by the pandemic,” explained Deputy Senate Majority Leader Mike Gianaris to Spectrum News. He was a sponsor of the measure. “Now let’s begin the hard work of properly implementing HONDA and ensuring more New Yorkers have a home they can afford.”