Boston Mayor Michelle Wu announced a program on Tuesday to offer steep property tax discounts of up to 75% for landlords who convert empty office space into residential use. Wu's policy comes in response to two problems afflicting many cities: since the COVID-19 pandemic increased remote work, demand for office space has dropped, while already high housing prices have continued to rise.
found that in downtown San FranciscoIn San Francisco, those costs would average $472,000 to $633,000 per housing unit, according to estimates by Turner Construction.
"The cost of renovating an existing building compared to building new is the same. Demolition is a big number," Lee Golub, an executive at the Chicago-based real estate development firm Golub,."You're redoing the walls, interior systems and elevators, and in some, you might be able to save some stuff, like the roof. But most everything else is basically a new building."
Construction isn't the only cost. Many office buildings are still partially filled with tenants. That means owners can be forced to buy tenants out of their lease. Further increasing the cost of renovations,"Office conversion is a very pricey way to add just a fraction of the housing we need,"Most residential tenants want a window in their home for natural light, and it's often required by law for every bedroom.
"Because the floor plates may not have been designed to accommodate [kitchens and bathrooms], it can add cost and complexity to install them," . Residential tenants also need individual HVAC systems so that they can control the temperature in their own apartment. This requires making holes in a building's exterior, which may not be feasible to add.In New York, a state law designed to guarantee access to natural light limits how much of a lot a residential building can cover. Gov. Kathy Hochul
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