New York City's real estate market is witnessing a significant transformation, with plans to convert obsolete office buildings into residential apartments. With nearly 19,000 new units anticipated over the next eight years, this trend is accelerated by government initiatives offering tax incentives and changing eligibility criteria for conversions. Planning Commissioner Dan Garodnick highlights that these changes represent a fruitful response to pandemic-related disruptions, addressing housing shortages, while effectively utilizing underused commercial properties. Notably, extensive conversions, including landmark buildings, illustrate a shift towards modern living spaces in the city.
It's now significantly easier to convert buildings across New York City,
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