Five Key Real Estate Proposals in Cuomo’s Budget
Governor Cuomo’s $193 billion 2022 budget proposes several provisions that could benefit real estate. The Real Deal discussed portions of the proposed executive budget that could have the biggest impacts on the real estate industry. One of the topics they looked at was office and hotel conversions, as Cuomo called for the conversion of vacant commercial space into mixed-income housing.
The article states, "The governor would allow office owners in Midtown and hotel owners in the outer boroughs and parts of Manhattan to avoid local light and air requirements for homes. That doesn’t cover the whole universe of local restrictions on residential construction, such as the required distance between two buildings on a single zoning lot."
In reference to the office and hotel conversions, Mitchell Korbey, chair of Herrick's Land Use & Zoning group, is quoted as saying, "Having options and flexibility, that’s what we need to do."