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City Council passes bill banning conversions of hotels into condos for two years
May 15, 2015
The City Council passed a controversial bill Thursday to slap a two year ban on converting hotels into condos.
The bill, which passed by a vote of 42-8, is meant to stop job losses when hotels are shuttered and is backed by the powerful hotel workers union. But the hotel and real estate industries are up in arms about the measure and vowing to sue.
The original version of the bill, sponsored by Councilman Corey Johnson (D-Manhattan), would have permanently banned the conversions. In negotiations with the de Blasio administration, backers settled for a two year moratorium while the city does a study on the economic effect of conversions.