NYC to convert empty offices into homes
NEW YORK, UNITED STATES — In response to the prolonged remote work trend and escalating housing crisis, New York City Mayor Eric Adams revealed a strategy to repurpose empty office spaces into affordable homes. The ambitious goal targets 20,000 homes to accommodate approximately 40,000 residents.
With Manhattan’s stalled housing developments and escalating property prices, Adams envisions building 500,000 homes citywide.
Adams emphasized assisting owners keen on transitioning office spaces to residences, adding that they are “throwing open the door to more housing.”
An Office Conversion Accelerator has been established to streamline this process, bringing together experts to guide owners in evaluating projects and obtaining permits.
Deputy Mayor Maria Torres-Springer added, “It makes no sense to allow office buildings to sit empty while New Yorkers struggle to find housing. By enabling office conversions, New York will reinvigorate its business districts and deliver new homes near jobs and transit.”
Major companies like Salesforce and Meta have seen dwindling office usage. Meta notably declined to renew leases for two Hudson Yards offices last December, a decision influenced by the shift towards remote work.
The issue isn’t exclusive to NYC. Cities nationwide grapple with underused office spaces. A study by the National Bureau of Economic Research estimates a potential for converting over 2,000 U.S. office buildings into nearly 400,000 apartment units.
