How Empty Offices Become Apartments In The U.S.
Some U.S. mayors are loosening up rules that determine how developers convert office buildings into apartment complexes. The conversion trend sped up in the 2020s, as the pandemic remote work boom reshaped cities. Declines in office activity are straining tax revenues for city services like education and transit, leading some local leaders to prioritize increased conversion of dated buildings. These rule changes may create some additional housing supply in regions like the U.S. east coast.
#CNBC #news #breakingnews #offices #apartments #emptyoffices #realestate #remotework #cities #office #developers #buildings #usa #mayors #city #gentrification
Some U.S. mayors are loosening up rules that determine how developers convert office buildings into apartment complexes. The conversion trend sped up in the 2020s, as the pandemic remote work boom reshaped cities. Declines in office activity are straining tax revenues for city services like education and transit, leading some local leaders to prioritize increased conversion of dated buildings. These rule changes may create some additional housing supply in regions like the U.S. east coast.
#CNBC #news #breakingnews #offices #apartments #emptyoffices #realestate #remotework #cities #office #developers #buildings #usa #mayors #city #gentrification
How Empty Offices Become Apartments In The U.S.
Some U.S. mayors are loosening up rules that determine how developers convert office buildings into apartment complexes. The conversion trend sped up in the 2020s, as the pandemic remote work boom reshaped cities. Declines in office activity are straining tax revenues for city services like education and transit, leading some local leaders to prioritize increased conversion of dated buildings. These rule changes may create some additional housing supply in regions like the U.S. east coast.
#CNBC #news #breakingnews #offices #apartments #emptyoffices #realestate #remotework #cities #office #developers #buildings #usa #mayors #city #gentrification
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