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A $7 Billion Mistake? New York Seeks to Curb New Hotels.


A $7 Billion Mistake? New York Seeks to Curb New Hotels.
A plan to require approval for every new hotel has sparked opposition inside city government, where budget officials say it could reduce future tax revenue from tourism.
Developers seeking to build new hotels, like one planned for Times Square, would require a special City Council permit under a new proposal.Credit.Mary Altaffer/Associated Press
April 27, 2021Updated 8:24 a.m. ET
New York City leaders, led by Mayor Bill de Blasio, are closing in on a controversial plan to drastically restrict hotel development, a move that the mayor’s own experts fear could endanger the city’s post-pandemic recovery and cost billions in lost tax revenue. ....

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