Navigating Challenges in Converting Office Spaces to Housing

New York may adopt regulatory changes to encourage office owners to convert properties into apartments to revive the area's economy. However, the political fervor among progressive Democrats for compulsory affordable housing attached to tax incentives for conversions could dampen developers' interest in the costly overhauls. Moreover, the policy initiatives on the table may not yield conversions on a broad enough scale to turn underpopulated downtowns into bustling residential neighborhoods.