Friday, October 27, 2023

Biden joins effort to convert offices to housing

Also today: A regional government faces calls for reform in Houston, and Korea avoids Halloween festivities after deadly crowd crush.

Amid a decades-high level of office vacancies and an affordable housing crisis in the US, the White House announced a new plan on Friday to unlock funding resources for office-to-residential conversions. The plan includes opening up below-market financing programs accounting for billions of dollars in loans to projects located near public transit, and providing technical assistance.

While converting empty offices to apartments can solve two problems at once, property owners face a host of physical, regulatory and financial constraints. The Biden administration's goal is to make conversions viable financially for more office buildings that have potential, Kriston Capps reports. Today on CityLab: A New White House Plan to Create Affordable Housing: Convert Empty Office Buildings.

– Linda Poon

More on CityLab

A Regional Government Faces Calls for Reform in Houston
Voters are weighing changes to the Houston-Galveston Area Council, a planning organization that's been at odds with the city over freeway and flood recovery funds.

Korea Avoids Deadly Halloween Festivities a Year After Deadly Crush
A year after a deadly crowd crush of festival-goers in Seoul, major retailers are avoiding holiday promotions and police are warning people about crowded venues.

NY's MTA Begins $590 Million Park Avenue Viaduct Renovation
The renovation of a 130-year-old rail bridge that links New York City to its northern suburbs and Connecticut finally kicked off on Thursday, according to Governor Kathy Hochul.

Clear Eyes, Full Hearts and a $94 Million Texas High School Stadium
The 8,000-seat venue could be the costliest in state history.

Borrowing from the science of infection

"A great idea, trapped in a single municipal office, may never escape city borders."
Carlo Ratti and Michael Baick
Professor at the Massachusetts Institute of Technology;
and a staff writer at Carlo Ratti Associati Inc. 
In a perspective for CityLab, the two argue that cities should make their best ideas go viral to meet local challenges.

What we're reading

  • Charlottesville's Lee statue meets its end, in a 2,250-degree furnace (The Washington Post)
  • The restaurant nearest Google (The Verge)
  • Italy's medieval 'skyscraper' is at risk of sinking (Architectural Digest)
  • Controversial plans to expand home of Wimbledon tennis agreed by council (The Guardian)
  • Abandoned golf courses are being reclaimed by nature (CNN)

Have something to share? Email us. And if you haven't yet signed up for this newsletter, please do so here.

More from Bloomberg

  • Economics Daily for what the changing landscape means for policy makers, investors and you
  • Green Daily for the latest in climate news, zero-emission tech and green finance
  • Hyperdrive for expert insight into the future of cars
  • Paris Edition for making sense of what's happening in the city and what's next for French business
  • Work Shift for exclusive insight and data on the future of work

Explore all Bloomberg newsletters at Bloomberg.com.

No comments:

Post a Comment

Wall Street votes Trump

Bloomberg Evening Briefing Americas View in browser Stocks hit all-time highs following early-mor...