NYC Council passes bill banning conversions of hotels into condos for two years

 

NYC’s City Council voted last week to temporarily halt hotel-to-condo conversions. The Council, by a vote of 42-8, instituted a two-year moratorium to conduct a study to determine the economic effects of conversions. The bill affects hotels with more than 150 rooms; owners of smaller hotels can apply for approval from the Board of Standards and Appeals.

 

Read all about it at the NY Daily News.