New York mayor plans to convert office space into apartments
Housing prices continue to rise in America's largest cities. Residents of New York, San Francisco, Chicago and other cities have been feeling this record price increase in recent months. Local authorities seem to have figured out how to solve this problem.
New York Mayor Eric Adams suggested thinking about which office buildings could be converted into apartments, writes NYT. The fact is that since the beginning of the pandemic, many companies have switched to remote work and have not yet returned to their previous mode. Some went bankrupt, others moved from a huge office to a more compact space. The owners of these commercial buildings are suffering huge losses.
And now city hall experts and architects are developing a plan to convert office buildings into residential buildings. First of all, large office buildings in the lower part of Manhattan may fall under such a program - such buildings have spacious rooms and wide windows. Experts interviewed by the Wall Street Journal believe that one such office could be turned into several apartments. Well, anyone who has lived in New York for a long time knows what intricate layouts there are in apartments.
I wonder how this will affect rental prices in the city?
Author Denis Cheredov
