Biden administration turns to developers to help ease U.S. housing crisis
The White House kicked off a multiagency push on Friday to help finance real-estate developers convert more office buildings in big cities emptied by the pandemic into affordable housing, taking aim at the nation’s housing crisis.
A third peg of the program will see the federal government draw up a public list of buildings it owns that could be made available for sale to help bolster development. “The only thing that is missing today is a lack of financing,” said Nathan Berman, a founding principal of Metro Loft, a go-to firm for New York City office-to-residential conversions that helped transform lower Manhattan in the past 20 years.
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