New York City's recently launched Office Conversion Accelerator Program has drawn interest from 64 building owners in Manhattan as planning officials mull changes to help speed up the process intended to deliver 20,000 new units of housing by 2033. 

The market for conversion in Lower Manhattan has thus far yielded 2,100 new units in four converted buildings, highlighted by CetraRuddy's forthcoming effort at 25 Water Street, the largest conversion project in the country.

Still, as Gothamist reports: "The office conversion plan aims to produce thousands of new apartments, but none so far will be within reach for low-income New Yorkers who bear the brunt of the city’s housing shortage."

A potential game-changer is the proposal, backed by Mayor Eric Adams, to move the eligibility of conversion permits to include buildings constructed after 1990. Most of the conversions have targeted Lower Manhattan and the Financial District, a trend that began well before the pandemic. A proposed rezoning of Midtown and the newly passed tax credit for developers would also greatly benefit low- and middle-income renters, according to Department of City Planning Director Dan Garodnick.