State Senator Michael N. Gianaris debates the HONDA bill at the legislative session on June 9, 2021. Image Credit: New York State Senate
The properties will be owned, operated and managed by selected nonprofit organizations. On June 9, 2020, the New York State Senate and Assembly passed the Housing Our Neighbors with Dignity Act. The Bill, sponsored by Deputy Majority Leader Michael Gianaris and Assemblymember Karines Reyes, allows New York State to partner with nonprofit organizations to finance the acquisition and conversion of distressed hotels and commercial office space into affordable housing.
The COVID-19 pandemic has left more New Yorkers vulnerable to homelessness and has left many hotels and commercial office spaces vacant. The Housing Our Neighbors with Dignity Act amends New York State housing finance law to allow the state to finance the purchase and conversion of distressed hotels and commercial office properties into affordable permanent housing. This housing will be made available to low-income households and people experiencing homelessness immediately before entering such housing.
The properties will be owned, operated, and managed by select nonprofit organizations through government agency funding. At least 50 percent of all units will be set aside for individuals and families experiencing homelessness immediately before entering such converted affordable housing. The remaining units will be limited to an 80 percent AMI. Also, units must be rent-stabilized in localities that have adopted or opted into the rent stabilization law.
Each unit will contain, at minimum, a living/sleeping space, a private bathroom, with a bath or shower, and either a full kitchen or a kitchenette with a 24-inch refrigerator, sink, cooktop, microwave oven, and outlets for countertop appliances.
Bill Sponsor and Senate Deputy Majority Leader Michael Gianaris, stated, “New York has seen a decades-long affordable housing crunch exacerbated by the COVID-19 pandemic and ensuing economic devastation. This legislation is a good way to tackle the dual problems of distressed properties and lack of affordable housing.”
Bill Sponsor and Assemblymember Karines Reyes commented, “As the number of evictions grows in low-income neighborhoods of color, the need for affordable housing in New York has become all the more urgent. I am proud to sponsor this important legislation enabling the conversion of office units and distressed hotel properties into housing for more New Yorkers in need.”
The bill has now been sent to Governor Andrew Cuomo’s desk for signature. Read the full legislation here.
By: Victoria Agosta (Victoria is the CityLaw intern and a New York Law School student, Class of 2022.)
Kudos to the City Council and, preemptively, Gov. Cuomo.
This legislation will not only help those who need it most, but will also prevent yet more unsellable lux, housing from being built in an already glutted market.
Hopefully, the logistics of conversion – long lease spans and high ceilings in offices, SRO characteristics in hotels – will not be too large an obstacle or take very long to work with. In any case, thousands of jobs should be created in converting these properties so all New Yorkers can live in dignity and safety.
Good job, City Council!