Statement on Biden Plan to Spur Office-to-Residential Conversions
Published on Oct 27, 2023 by
FOR IMMEDIATE RELEASE: October 27, 2023
“The White House’s plan to support office-to-residential conversions with an eye toward Transit Oriented Development (TOD) is a much-needed shot in the arm for the dual housing and affordability crises plaguing New York,” said Carlo A. Scissura, Esq. President and CEO of the NY Building Congress. “This is exactly the type of comprehensive policy that the Building Congress advocates for on our delegation trips to Washington and in our reports, like our TOD spotlight in March.
However, while the city and now federal governments are seemingly doing all they can, New York is handcuffed from taking full advantage of this potentially paradigm-shifting program without our state government matching their urgency.
That means meaningful action this coming session on matching the year of eligibility for office conversions to 1990, eliminating the 12 FAR cap, creating a new tax incentive program, and authorizing additional housing initiatives to keep this momentum going. We need to clear out any read tape so that these policies can roll out quickly and effectively.
City Hall is meeting this moment. The White House is heeding the call. We will be parked in Albany starting in January until our state legislators understand there is no more time to waste in helping the millions of New Yorkers struggling to afford housing.”
About The New York Building Congress
The New York Building Congress, a broad-based membership association celebrating its 102nd year, is committed to promoting the growth and success of the construction industry in New York City and its environs. Learn more about the New York Building Congress at www.buildingcongress.com.
