2 Years Revert to Residential?

I know that I’ve seen this topic pop up before on Brownstoner, but cannot find the reference. Hoping someone can help, though ultimately I know a real estate lawyer would have the scoop. Here is my question:is it true that if the commercial space of a mixed-use building in a commercial overlay zone (C1 or C2) is used as residential/not commercially for two years it reverts to fully residential status? Would such a building then be able to be financed using a traditional home mortgage as opposed to a mixed-use mortgage? If anyone has had experience with this scenario, I would love to hear about it. Thanks!

By onefineday |