Joe Biden wants more people to start living in empty offices

ComfortablyGlum , 8 months ago

If utilized as it should be, this Is a really good idea. It creates desperately needed housing, indirectly supports work from home, rescues downtowns struggling from customer loss, helps prevent default on tons of property loans (and preventing something akin to the 2008 crash).

autotldr Bot , 8 months ago

This is the best summary I could come up with:

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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.

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