Raines law hotel. State statutes allowed that any business was considered a hotel if it had 10 rooms for lodging and served sandwiches with its liquor. Saloons quickly found a loophole by adding small furnished bedrooms and applying for a hotel license. Dozens of "Raines law hotels," often located directly above saloons, opened. As a contemporary source put it, "This offered a premium on the transformation of saloons into hotels with bedrooms and led to unlooked-for evils" (an increase in prostitution), as the rooms in many "Raines law hotels" were used mostly by prostitutes and unmarried couples. (In some cases these rooms
New York Law School forward with the sale of $135 million in insured bonds, which were issued through the New York City Industrial Development Agency. The school's securities were given an A3 credit rating by Moody's and an A-minus rating by S&P, both reflective of the school's stable market position and solid financial condition. The proceeds from the building sale have been allocated to the school's endowment, which is now among the top 10 of all American law schools. The law school opened its first dormitory in the East Village in 2005, and in August 2006, it broke ground on the $190 million expansion