When the White House announced a plan last October to help commercial property owners convert buildings to residential use, it seemed like a great idea.
"These announcements will create much-needed housing that is affordable, energy efficient, near transit and good jobs, and reduce greenhouse gas emissions, nearly 30 percent of which comes from the building sector," a Biden administration fact sheet noted.
An initial review by GlobeSt.com of the available documents suggested that the plans opened existing programs to conversion projects without net new funding, which meant more competition for the same funds. Since then, at least one of part of the initiative — transit-oriented development projects — have shown far bigger challenges for developers.
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