Housing
A New White House Plan to Create Affordable Housing: Convert Empty Office Buildings
The Biden administration is freeing up resources to help turn offices into apartments.
Pedestrians walk past commercial real estate at the South Station Train Terminal in downtown Boston, Massachusetts.
Photographer: Adam Glanzman/BloombergAs cities across the US continue to struggle with climbing office vacancies and unaffordable rents, the White House on Friday released a new plan to help property owners convert empty offices into apartment units.
By opening up significant financing resources to office-to-residential conversions, as well as by providing technical assistance, the Biden administration aims to make it easier for these challenging rehab projects to advance — with an eye toward both sustainability and affordability.