"Revitalizing Boston's Downtown: Tax Incentives to Transform Empty Offices into Residences"

Boston Mayor Wu has proposed a new program to convert empty downtown office spaces into residential units by offering a 75% reduction in property taxes for up to 29 years. Building owners accepted into the program must rent or sell 20% of units as affordable housing and give the city 2% of revenue if they sell their buildings. The reduced taxes will be collected through a "payment in lieu of taxes" agreement, and the approval process will be streamlined through a new office set up by the Boston Planning and Development Agency. The program aims to increase the city's housing stock and bring foot traffic back to downtown businesses. Applications will be accepted until June 2024, and conversion work must begin by October 2025.