Insights

Eric Adams Touts Hotel Conversions in Plan to Tackle NYC Homelessness

September 21, 2021 – Accolade
City Limits

Eric Adams, the Democratic nominee for mayor, wants to convert shuttered lodgings outside Manhattan into 25,000 units of supportive and permanently affordable housing, an article in City Limits discusses. Adams said he will release more information about the hotel conversion plan on his website, but noted that he wants to improve coordination among city agencies and streamline the bureaucratic process that delays affordable housing production.

Herrick Real Estate partner Yariv Ben-Ari noted that the properties won't be cheap stating, "Buildings in those areas may not be performing well and may opt for a new source of revenue, but if my building is worth $20 million, I’m going to get paid $20 million."

Read the full article in City Limits.