How Post-Pandemic Housing Policy Is Paving the Way for New Residential Development
The Inflation Reduction Act is creating an opportunity for builders and developers to test more innovative housing production methods that deliver energy efficiency and affordability to today's buyers
Aug. 8, 2023
Image: Tada Images / stock.adobe.com
Americans are rethinking their must-have housing amenities post-pandemic, and according to Axios, the Inflation Reduction Act could make those new lifestyle needs both more viable and more affordable. One example of affordable housing development backed by President Biden’s climate law is the office-to-residential conversion, which is a greener alternative to new construction that could house dozens of families per project.
A new analysis from researchers at New York University and Columbia University explore possibilities to profitably turn office spaces into housing.
Overall, they find that roughly 11% of commercial office buildings in the 105 largest cities are suitable candidates for conversion.
The study sees potential for around 400,000 new apartment units — and note that for comparison, roughly 260,000 units are created annually in the U.S.
