This claim seeks to check out.
An article from Firstpost, who holds a right/center bias, but has a high credibility rating claims "The fact that New York City is paying $220 million to rent the Roosevelt Hotel, owned by Pakistan International Airlines (PIA), to house migrants has come under scrutiny after Vivek Ramaswamy, a prominent Indian-American entrepreneur and incoming official in United States Pesident-elect Donald Trump’s administration, labelled the arrangement as “nuts.”
Another article from Fox Business, which also leans right, also reported "Vivek Ramaswamy eviscerated a reported agreement that New York City would pay up to $220 million to a Pakistani-owned hotel in Manhattan to house illegal migrants."
The New York post, based in New York, further explains "New York City’s use of hotels as emergency shelters to house migrants will continue for the foreseeable future, The Post has learned, as the Department of Homeless Services is seeking a contract with hotels to provide a total of 14,000 rooms to shelter migrants at least through next year."
Additionally, although of course Conservative publications are more likely to report on this topic, I could not find any sources claiming that the claim is false.