The Biden administration has unveiled a strategy to repurpose vacant commercial spaces into residential units to address the housing shortage and high costs. Office space vacancies have reached a 30-year peak, while housing remains unaffordable for many Americans.
Lael Brainard, director of the National Economic Council, described the initiative as a “win-win” for revitalizing downtown areas and increasing affordable housing. To facilitate the conversions, the administration has issued new guidelines for state and local officials to secure financing through existing federal programs.
The Department of Housing and Urban Development and the Department of Transportation have also released guidance on utilizing specific funds and transferring unused properties for housing development. The move aims to alleviate the dilemma faced by Americans who live far from work due to housing costs or reside in unaffordable areas to be closer to employment.
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