Public officials across the U.S. have called for looser building codes and increased subsidy for developers who convert offices into housing.
Mayors in cities across the U.S. want to loosen rules that can slow the pace of office-to-residential conversions. In some instances, cities have offered generous tax abatements to developers who build new housing.
"It's absolutely a budget gimmick" said Erica Williams, executive director at the DC Fiscal Policy Institute, referring to Bowser's 2023 proposal to increase the downtown developer tax break. "We fully support the idea that some of these buildings could be turned into residential properties or into mixed-use properties, but that we don't necessarily need to subsidize that.
Cities like Philadelphia have previously embraced these policies to revitalize their downtowns. In Philadelphia, homeowners and investors received more than $1 billion in tax breaks for their renovation projects. "Capital has gotten much more limited," said Michael Pestronk, CEO of Post Brothers. "We're able to get financing today. ... It is a lot more expensive than it was a year ago."
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