The city’s four-year moratorium on converting hotel rooms to residential units quietly expired over the weekend, as the city declined to extend the law following an unfavorable court decision a few months ago. The sunsetting legislation is a major victory for hotel owners and advocates of property rights, though it’s unclear how enthusiastically developers will take advantage of it: The red-hot condo market that gave rise to the law is long gone. “We are pleased […]
source https://therealdeal.com/2019/06/03/developers-start-your-engines-moratorium-on-hotel-conversions-expires/
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