A total of 46 buildings are enrolled in NYC's Office Conversion Accelerator – a program to facilitate the conversion of old New York City office buildings into residential space – according to an exclusive by Axios. Four have already begun the conversion process, and are expected to create more than 2,100 housing units, a spokesperson for Mayor Eric Adams' administration told the publication.

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Axios also reports that the mayor's office is also proposing to eliminate some of the red tape hampering the conversion process and those changes could get a City Council vote this year. They include:

  • Conversion eligibility for any building constructed prior to 1990. Currently the cutoff is 1961 or 1977, depending on the area.
  • Allowing non-residential buildings to convert to housing anywhere in the city that residential uses are permitted. Right now, conversions are allowed only in a small number of office districts.

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