Yahoo! News, July 15, 2023, Boston’s plan to convert empty office buildings into housing faces challenges
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.
Boston’s vacancy rate for office space climbed to 14.2% in the second quarter, Bloomberg News reported on Wednesday, while the average monthly rent for a one-bedroom apartment has jumped by 8% over the past year, to $2,800.
But many office buildings cannot easily or affordably be turned into housing.
