NYC Plan Would Convert Empty Offices To Apartments

Gothamist reports:

Mayor Eric Adams on Monday released details of a plan to turn empty offices into brand new apartments to help relieve New York City’s affordable housing crunch. Adams’ office conversion blueprint includes specific proposals to ease zoning restrictions and offer tax breaks to property owners.

Remote work has drastically reduced the use of office space throughout New York City. The task force’s study found that employees come to the office less than half as often as they did before the COVID pandemic, and about 20% of Manhattan offices were available to rent in the second half of 2022—up from 10% in 2019.

Adams’ office conversion proposal would target Midtown Manhattan, as well as other commercial districts, like Downtown Flushing and Bronx Hub. The plan would also allow for a range of housing types, including supportive housing for people who have experienced homelessness.

Read the full article.