"Tax Breaks Proposed to Convert Office Buildings into Housing in Downtown"

The city of Boston will launch a pilot program offering a property tax discount of up to 75 percent for developers who convert underutilized downtown office buildings into residential units. The program aims to address the challenges and costs associated with office-to-residential conversions, which have become more prevalent due to the struggling commercial office sector and soaring housing costs. Converted buildings must meet affordable housing requirements, energy efficiency standards, and developers are encouraged to keep ground floors open for retail or public use. The program will accept applications until June 2022, with construction required to start by October 2025.