Converted commercial buildings may not be a short-term answer to solving the affordable housing crisis

2021-08-03T09:00:00-04:00

Last month, New York State passed the Housing Our Neighbors with Dignity Act (HONDA), laying the groundwork for hotels and other commercial buildings to be converted into affordable housing. Nevertheless, a recent article by NBC News gives a laundry list of reasons why among commercial buildings, office space, in particular, is unlikely to be converted to affordable housing.

The gist: it still remains far too profitable to give this property over to affordable housing. That is, there’s simply too much money to be made in the long term, even if rentable spaces continue to remain vacant in the short term. Why risk setting a precedent that unused space should be given over to the thousands of people who live on the street? Why set a precedent that the dignity of every person is more important than Cushman Wakefield’s quarterly earnings?

The Flatiron District in New York is filled with older office buildings. Image: pixhere

Nevertheless, politicians have at least begun posturing. New Yo...

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Converted commercial buildings may not be a short-term answer to solving the affordable housing crisis