The city of Boston will now offer developers up to a 75% reduction in the residential tax rate for 29 years if they convert offices into apartments.
As cities and towns across the country grapple with ways to solve the affordable housing crisis, the city of Boston is hoping empty office spaces might be part of the solution.
But plans are in the works to bring life back to empty offices in Boston while also addressing a severe lack of affordable housing. Nationwide, an estimated 7.3 million Americans need affordable housing, according to the National Low Income Housing Coalition.Since the start of the pandemic, several communities nationwide have floated the idea of turning offices into residential housing. None, though, have put the funding in place like Boston is doing.
But just how successful could the shift be? Boston University lecturer Felix Zemel points to Boston's seaport district as a perfect example of how this plan could work.
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