1/2/2024 0 Comments Inside office buildingBut they will add just 225 new housing units in a city of 1.63 million people. Stephenson's agency approved two office-to-residential conversions that are in progress. "It is hard for the economics to work for a developer to give up the more lucrative office rents in exchange for housing units." "The overall economy is going well for us and we have a low office vacancy rate," Alan Stephenson, director of the Phoenix Planning and Development Department, said by email. And some cities don't mind having empty offices. In parts of the country where land is relatively cheap, it's far less expensive to build housing from scratch than to convert old offices. Carlos Avila Gonzalez / San Francisco Chronicle via Getty Images Reasons not to change The Friendship Garden homeless encampment in Santa Cruz, Calif., on May 5, 2021. Gavin Newsom signed a historic $12 billion bill to address homelessness, much of the money is likely to be used to convert older hotel and motel rooms. About 161,000 people are experiencing homelessness in California, more than in any other state. More than a quarter of them are Californians. "This includes applications for large expansion and conversion projects for the entire building, as well as applications for smaller projects that only change the use of a single floor or part of a building," Rudansky said by email.Īt the same time, the number of homeless people is as high as it has ever been in the U.S. 1, 2020, said Andrew Rudansky, the agency's spokesperson. The New York City Department of Buildings has received just 100 project applications for commercial-to-residential conversion since Jan. David Paul Morris / Bloomberg via Getty Images Empty offices in a building on a Google campus in Sunnyvale, Calif., on April 21, 2021. Over the last two years, even during the height of the pandemic, there have been just a handful of such conversion applications in those cities, building officials said. Planning departments of major cities, including San Francisco San Jose, California Seattle Phoenix New York Fort Worth, Texas Dallas and Houston, said there are very few, if any, new attempts to turn existing offices into housing. Such conversions aren't happening in the rest of the country, as well. "It's a unique set of circumstances that makes sense. "It almost takes the stars to align," he said.
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