[NY/NYC] 1/11/2021 Cuomo: Reimagine NY - Turn empty hotels, office buildings into apartments amid pandemic (affordable housing, for 5 years)
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[{"id": "gizudok", "text": "The 5 year sunset of this program is laughable.   Imagine it's 2026- NYC is back and booming.   The city is sorely lacking in office space.   The plan is what exactly?  \n\nSorry Mrs. Section 8 vouchers tenant, the program is over.  Time to move out.  \n\nBuy where am I supposed to go?  \n\nBack on the street with you says me mayor.  \n\nThese plans have sunset provisions to try and gain some short term support for the idea.  In reality, once made into affordable housing, these units almost NEVRR convert back to market or alternate use.", "replies": [{"id": "gj0q8u3", "text": "Also 5 years is a long time, things could change drastically in a year or two as we have already seen. \n\nYou would have to be in dire straights to tie up your RE for that long.", "replies": [{"id": "gj1vneq", "text": "There's always a catch. Same with the residential program, landlords cannot rent to just anyone, only section 8", "replies": [], "depth": 3}], "depth": 2}, {"id": "gj1kuop", "text": "Couldn't agree more, it's unfortunate that NY cant learn from CA about the ramifications of these longer term Section 8 programs.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gj022ox", "text": "\u201cTurn empty hotels, office buildings into apartments amid pandemic.\u201d Lmao. So MDL [Article 7C](https://www1.nyc.gov/site/loftboard/about/about.page)Lofts. We are back in the 80s. How about we remove pro aesthetic and anti housing laws such as the [Sliver Law](https://fontanarchitecture.com/nyc-sliver-law/) or residential zoning minimums [See Here](https://fontanarchitecture.com/residential-zoning-nyc/).", "replies": [], "depth": 1}, {"id": "gj0bal4", "text": "HOA fees are destroying NYC residential housing. Some apartments are going for 250-350K but then there's a $1600/month HOA fee on top.", "replies": [{"id": "gj0qilx", "text": "I agree but looking at midtown manhattan the apartments go for 800k with a 3,500 maintenance charge.", "replies": [{"id": "gj0xrxz", "text": "Considering so many 100k+ jobs just jumped ship to the the work-remote suburbs of USA NYC really needs to rethink it's place in 2021 society. NYC won't die, but this is a wake up call it's not irreplaceable.", "replies": [], "depth": 3}, {"id": "gj1w12x", "text": "I never understood why people pay that much maintenance fees, it's supposed to be tax deductible I heard but,,,I'm too old-schooled", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gj0ropl", "text": "Biggest issues would likely be difference in loss factors vs net and how abatements would address that. Also imagine converting an A/B class tower to affordable housing...not sure how the neighboring owners and their trophy properties will feel about marketability. \n\n&amp;#x200B;\n\nI work for a family owner in Manhattan, they would not touch this idea whatsoever. You are better off remaining flexible with tenants and taking advantage of this low rate environment to ride it out. However, many owners are in many different situations.", "replies": [{"id": "gj1vgmy", "text": "I wonder how many participated the residential program! A lot of hotels were/are already hosting the homeless (this is before covid), maybe some hotels with deteriorating structures would bite, use the tax abatement to fix up and wait out the 5 year period.\n\nFor office buildings, it just doesn't make any sense, the credit risks for renting to companies and residential tenants are at polar opposite.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gj0u8rj", "text": "[https://www.governor.ny.gov/news/governor-cuomo-outlines-2021-agenda-reimagine-rebuild-renew](https://www.governor.ny.gov/news/governor-cuomo-outlines-2021-agenda-reimagine-rebuild-renew)\n\nIf anyone wants the non NYPOST link.   \n\n\nDon't think NYC has a housing shortage in Manhattan. There is so much supply on the market right now, this wouldn't really help anything. Also 5 years is very short.", "replies": [{"id": "gj1ujqx", "text": "Thanks I will replace the NY post link", "replies": [], "depth": 2}], "depth": 1}]