These barriers have prevented widespread CCRC development in New York, but intrepid developers can and will seize opportunities, including those presented by failing hotels, in Reis’ view. And, New York has additional burdens in the form of regulations that govern monthly rental rates. The impediments to developing a CCRC are steep, including obtaining a certificate of need (CON) for the skilled nursing component, and long project timelines that can stretch to seven or eight years, Reis noted. “I think that’s really going to be the wave of the future, irrespective of where this pandemic goes,” he said. There are “a lot of CCRCs” looking to enter New York City, Reis said - and he believes that this will come to pass.
