Joe Biden’s administration has come up with a plan it thinks can help address the housing crisis: encouraging developers to turn unwanted office buildings into apartments.
Converting offices to residential properties can be challenging due to the expense of refitting, as well as complying with zoning laws and other regulations.
But the White House initiative will make more than $35 billion available from existing federal programs in the form of grants and low-interest loans to encourage developers to convert offices into residential.
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Following the rise of home working when the pandemic struck and the reluctance of many employees to start commuting again five days a week, business districts have been struggling.
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Last December Silverstein Properties, one of America’s largest commercial landlords, announced plans to raise more than $1.5 billion to convert unwanted office space into residential housing in markets ranging from New York to San Francisco.
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Conversions are faster than new construction, 20% cheaper, and produce fewer greenhouse gas emissions, the White House added.
The original article contains 364 words, the summary contains 180 words. Saved 51%. I’m a bot and I’m open source!
This is the best summary I could come up with:
(tldr: 2 sentences skipped)
Joe Biden’s administration has come up with a plan it thinks can help address the housing crisis: encouraging developers to turn unwanted office buildings into apartments.
Converting offices to residential properties can be challenging due to the expense of refitting, as well as complying with zoning laws and other regulations.
But the White House initiative will make more than $35 billion available from existing federal programs in the form of grants and low-interest loans to encourage developers to convert offices into residential.
(tldr: 2 sentences skipped)
Following the rise of home working when the pandemic struck and the reluctance of many employees to start commuting again five days a week, business districts have been struggling.
(tldr: 2 sentences skipped)
Last December Silverstein Properties, one of America’s largest commercial landlords, announced plans to raise more than $1.5 billion to convert unwanted office space into residential housing in markets ranging from New York to San Francisco.
(tldr: 6 sentences skipped)
Conversions are faster than new construction, 20% cheaper, and produce fewer greenhouse gas emissions, the White House added.
The original article contains 364 words, the summary contains 180 words. Saved 51%. I’m a bot and I’m open source!