Archinect - News 2024-11-21T19:26:02-05:00 https://archinect.com/news/article/150275657/converted-commercial-buildings-may-not-be-a-short-term-answer-to-solving-the-affordable-housing-crisis Converted commercial buildings may not be a short-term answer to solving the affordable housing crisis Dante Furioso 2021-08-03T09:00:00-04:00 >2024-10-25T04:07:38-04:00 <img src="https://archinect.gumlet.io/uploads/00/0039c1f3172fd7e5a59cf4f9fe3b56ed.jpg?fit=crop&auto=compress%2Cformat&enlarge=true&w=1200" border="0" /><p>Last month, New York State passed <a href="https://commercialobserver.com/2021/06/honda-act-increased-affordable-housing-public-private-partnerships/" target="_blank">the Housing Our Neighbors with Dignity Act (HONDA)</a>, laying the groundwork for hotels and other commercial buildings to be converted into affordable housing. Nevertheless, <a href="https://www.nbcnews.com/business/real-estate/why-empty-offices-aren-t-being-turned-housing-despite-lengthy-n1274810" target="_blank">a recent article by NBC News</a> gives a laundry list of reasons why among commercial buildings, office space, in particular, is unlikely to be converted to affordable housing.&nbsp;</p> <p>The gist: it still remains far too profitable to give this property over to affordable housing. That is, there&rsquo;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&rsquo;s quarterly earnings?</p> <figure><p><a href="https://archinect.gumlet.io/uploads/2f/2f57994667d43625b6c04d4dc43a28e9.jpg?auto=compress%2Cformat&amp;enlarge=true&amp;w=1028" target="_blank"><img src="https://archinect.gumlet.io/uploads/2f/2f57994667d43625b6c04d4dc43a28e9.jpg?auto=compress%2Cformat&amp;enlarge=true&amp;w=514"></a></p><figcaption>The Flatiron District in New York is filled with older office buildings. Image: pixhere</figcaption></figure><p>Nevertheless, politicians have at least begun posturing. New Yo...</p>