Friday, July 12

Biden Administration Encourages Office-to-Apartment Conversions to Address Housing Crisis

The Biden administration is tackling the housing crisis by proposing a plan to repurpose empty office spaces into residential apartments.

The pandemic has led to a surplus of vacant offices as remote work becomes the norm, while housing demand continues to surge.

Converting offices into residential units can be complex due to renovation costs and zoning regulations.

To incentivise developers, the White House is making over $35 billion available through grants and low-interest loans from existing federal programs.

Additionally, the initiative provides technical support to streamline the conversion process.

The Department of Transportation will allocate resources to fund housing projects near transit hubs.

With office vacancies at a 30-year high, repurposing unused spaces offers a practical solution.

“This presents an area of opportunity to both increase housing supply while revitalising main streets. It’s a win-win,” Lael Brainard, director of the National Economic Council, told ABC News.

This effort aims to not only address housing shortages but also revitalize commercial real estate sectors, presenting a cost-effective and eco-friendly alternative to new construction.

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