After Covid, New York and other cities are weighing whether to convert empty office buildings into affordable housing
The rising sun reflects off the windows of the Bank of America tower in midtown Manhattan. | Gary Hershorn/Getty ImagesNEW YORK — To see how the Covid-19 pandemic has changed America’s downtowns, all you have to do is standBeneath one of the most iconic intersections in America, trains pull in just a few minutes apart, but even at the height of rush hour they are only half full.
Pandemic-induced changes in work patterns have taken an especially acute toll on the central business districts of cities — ecosystems that rely on a daily flood of office workers who frequent coffee shops and lunch spots, stop at restaurants and bars after work, and drive public transit ridership. In New York, where office buildings account for a major share of the city’s property taxes, the pandemic has also induced a $28.
“Landlords are being very creative trying to improve their buildings, amenitize their buildings, improve the air quality systems,” said Peter Riguardi, chair and president of real estate services firm JLL’s New York tri-state region. “But at this point, without any unforeseen change, there’s still going to be some empty [office] space when we cycle through this, and some of those buildings are going to be ripe for conversion to residential.
In New York, Manhattan is the center of jobs, transit and many of the city’s major cultural landmarks, making many neighborhoods within it attractive places to live. But the borough has some of the highest land costs in the city, and much of it is already built out — making empty commercial space a unique opportunity.
In midtown Manhattan, business owners say the steep decline in foot traffic since last March has been devastating for their bottom lines, and some local groups see an influx of residents as one answer.
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