New bill proposes vacant buildings be converted into apartments

"The incentive is a 10% tax credit. It would probably be combined in many areas with historic tax credits because some of these are historic buildings. Converting underused buildings into housing is a practical solution that can bring new residents and economic activity back to cities across Upstate."

"We must continue to strengthen the core of our urban areas whether that's Buffalo, Albany, Syracuse and more. There's an affordability crisis, and there's always going to be one because we don't have enough units for people to live in."

"Lawmakers said the vacancy rate in some of the downtowns of upstate New York's major cities ranges from 16% to 28%. As an example, lawmakers point to the transformation of the former JP Morgan Chase building and Daily News Headquarters conversion in New York City, which resulted in 1,300 apartments."

New York state lawmakers introduced joint legislation to create a tax credit incentive for converting vacant office buildings into residential space. The 10% tax credit would likely combine with historic tax credits for older buildings. Upstate New York cities including Albany, Rochester, and Buffalo face downtown vacancy rates between 16% and 28%, exacerbated by COVID-19 remote work shifts. Specific Buffalo conversion targets include the former YWCA, Rite Aid, and former Buffalo News building. Lawmakers cite an affordability crisis driven by insufficient housing units. The legislation aims to revitalize urban cores and bring economic activity back to cities. A similar New York City project converted the former JP Morgan Chase building into 1,300 apartments, demonstrating the model's potential success.

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