Amend local law number 50 for the year 2015.

A Local Law to amend local law number 50 for the year 2015, relating to the preservation of certain hotels, a moratorium and report relating to such preservation, and the expiration and repeal of such amendments, in relation to extending the effective period of the provisions of such local law and requiring a supplemental report relating to such preservation

This bill would extend, by two years, the limitations placed on the conversion of certain hotel space for purposes other than use as a hotel, as imposed by Local Law 50/2015 which restricted hotels having 150 units or more from converting more than 20 percent of the floor area used for sleeping accommodations to a different use. As set out in Local Law 50/2015, in order to convert additional hotel space during the two-year period, a hotel owner will continue to apply to the Board of Standards and Appeals for a waiver in accordance with § 25-703 of the Administrative Code of the City of New York. The waiver procedure is already in place and would continue to be available after this bill becomes law. This bill would require a supplementary report to be prepared that analyzes the cumulative impact of the hotel industry, and particular sectors thereof, on the economy of the city.