A Bill to Incentivize Office and Hotel Conversions to Residential Use included in Governor Cuomo’s 2022 Budget
Governor Cuomo’s proposed 2022 budget includes a bill intended to incentivize residential conversions at a time when there is reduced demand for office and hotel space. According to the proposed bill, owners of hotels with fewer than 150 rooms and other forms of temporary, as well as Class B and C office buildings within designated geographic areas of the outer boroughs and Manhattan, could avoid local zoning restrictions over the next five years related to light and air requirements for residential conversions.