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On June 7, Governor Kathy Hochul signed into law New York State Senate Bill S4937C. This law allows hotels that are already authorized as Class B hotels to rent rooms for permanent residence purposes and unlocks $200 million in state funds to finance the conversions. The bill cites both the lack of housing stock in New York City and underutilized hotel rooms in the wake of the COVID pandemic as reasons for converting hotel rooms into permanent housing. The bill’s authors also anticipate a net increase in tax revenue as empty hotel spaces increase in occupancy.
