As we speak, city legislators are pondering the merits of a new bill that would stop the widespread conversion of luxury hotels into luxury apartments. Reports Newsday,
The Council's bill would grant hotel owners a one-time right to convert 20% of their space to condos or other residential uses. After that, developers would have to prove to the city they are "unable to earn a reasonable financial return" as a hotel.Count hotel union President Peter Ward among the bill's supporters. "We don't need to dismantle one of the few solid industries we have in this city to build condos for rich people," he says. Exactly. Much better to preserve hotels for rich people.
· Suite deal may save Plaza jobs [Newsday]
· Bloomberg Burns Plaza Condo Plan [Curbed]