The People's Money (2022-2023)
Your Money, Your Community, Your Voice.
Task Force to Fast Track Conversion of Office Building into Residential Housing
What problem would you like to solve?
Rent is too high, there aren’t enough apartments, and businesses around what we’re previously office worker-heavy areas are suffering. I’d like to propose a task force that could help tackle this issue.
Why is it important to solve? Why is it relevant for the community?
Rent is at an all time high, so many store fronts still sit vacant, and we are wasting buildings that could be used for housing. The Real Estate Board of New York estimated converting just 10 percent of the more than 100 million square feet of potential office space would lead to 14,000 apartments, mainly in Manhattan.
What idea do you have to address the problem?
I am proposing a task force set up to specifically help this problem by identifying the best neighborhoods and buildings that could benefit from converting office space into residential building and that could cut through the red tape and fast track these conversions. Current regulations make it extremely difficult to make these conversions and for most of the city, buildings constructed after 1961 are ineligible to be converted from commercial to residential. We need a committee that can help with rezoning and conversion process so that we can both offer more affordable housing options and bring people back into what we’re previously office-worker dominated areas to support local businesses.
Who would that help?
This would help renters in the city and small business owners trying to make it in areas like Midtown where people have not returned to working in an office.
What NYC borough would benefit from your idea?
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