NYC leading office-to-housing conversions

In a Marketplace by APM piece, Penn IUR Faculty Fellow Vincent Reina of the University of Pennsylvania Stuart Weitzman School of Design notes, other cities (Chicago, Boston, LA) are moving in this direction, but real progress requires proactive policy.

“We need zoning that allows it to happen. We often need financing tools that allow it to happen, and often political will."

He also points to momentum in Philadelphia, which recently received state approval to pursue a tax abatement program for conversions.