The city is looking to convert some of its 136 million square feet of empty office space into condos, but the effort still needs approval from lawmakers in Albany to go forward.
Mayor Eric Adam's strategy to turn some of New York City's thousands of square feet of empty, unused office space into housing is still in need of cooperation from lawmakers in Albany. The city is hoping to encourage property owners to build affordable housing using a large tax break, but state lawmakers must approve it first.— New York City Council member Justin BrannanNew York City Mayor Eric Adams toured one of the latest office buildings to be converted into residential housing.
"We have too much unused office space, and not enough housing," said New York City Council member Justin Brannan.It’s why Mayor Adams, with the expertise of a city-led task force, is working to convert old cubicles into new condos that could potentially create as much as 500,000 homes over the next decade. But first — the need to get legislators in Albany to get on board.
Zoning regulations in the city’s Central business districts must be loosened to expand the pool of office buildings. But even then, developers have every incentive to jack up the rent to get their money's worth.
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