In Boston, redevelopment of empty office buildings breathe new hope for affordable housing development. As the Greater Boston Area deals with high prices and low inventory, median home prices have reached up to $715,000 in 2023. As a solution, the city is exploring the conversion of vacant office buildings into new housing to address this issue. Local officials have introduced a pilot program offering tax incentives to owners who decide to convert their office buildings into residential units, with four sites participating thus far. This initiative aims to create 170 new apartments, 20% of which will be set-aside as affordable units. City leaders believe this strategy will transform traditional business districts into vibrant neighborhoods, thereby alleviating the housing shortage.
To learn more about Boston’s office to residential conversion program, visit: https://www.bostonplans.org/