Altus Group says the pandemic has created the “optimal” time for hoteliers to consider readapting their buildings for either rental apartments or seniors’ or student housing.
What that means for housing affordability varies from place to place, Mian says: “It’s difficult to say at this stage. However, depending on the size of the market, it may move the needle in terms of affordability. In secondary markets, even a 100-units addition can make a big difference.” He adds, though, that “on a broader macro level — no, this is not the solution that’s going to solve the problem of housing affordability.”