As the country continues to grapple with the COVID-19 crisis and its aftermath, policymakers in New York City and Albany have debated whether and how to support the conversion of hotels into housing—and especially affordable housing—as part of a solution to the city’s ongoing housing crisis. To better understand what opportunities for hotel conversion exist in New York City, this paper examines the legal regime governing hotel conversions to identify the most important regulatory barriers to such adaptive uses.
Rent regulation is designed to protect low-income renters against sudden rent increases that threaten their housing stability. However, market distortions and the lack of means testing or targeting limit the effectiveness of many rent regulation systems. This policy brief outlines an approach combining anti-gouging regulations with shallow, targeted subsidies to maximize the benefits of rent regulation for low-income households.
The Challenges of Balancing Rent Stability, Fair Return, and Predictability under New York’s Rent Stabilization System
This brief lays out some of the challenges of balancing affordability and a reasonable rate of return; explains how New York City’s local governing body (the Rent Guidelines Board) incorporates building operating cost data to make rent adjustments; scans approaches used in other jurisdictions; and explores the potential consequences of eliminating rent increase mechanisms designed to be supportive of investment in repairing and improving the housing stock.