New bill works to convert unused office buildings into affordable housing

Ohio Congressman Mike Carey has introduced the Revitalizing Downtowns and Main Streets Act to address the high vacancy rates in office buildings exacerbated by the work-from-home trend post-COVID-19. This bill offers developers a federal tax credit of 20% of renovation costs to transform these underused spaces into residential units. Importantly, at least 20% of these new housing units must cater to individuals earning 80% or less of the area's median income, facilitating access to affordable housing amid rising urban vacancy rates.

Because a lot of times these buildings have a 28%, 29% vacancy rate, that's why you're seeing a lot of these fall into debt.

It's easy to turn them into condos when they're $450,000 to $1.5 million, but it's really hard to do it when it's for somebody that's trying to get into affordable housing.

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