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The promise behind New York City’s office-to-residential conversion push relies on simple supply-and-demand: Turn underused office buildings into homes at a time when rents remain high, and developers face high construction costs, limited land and a maze of regulatory requirements for new housing.

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For developers, the tax benefit can determine whether an otherwise marginal conversion works financially.

Adam Laver, a real estate partner at Blank Rome, described development incentives as potentially decisive for adaptive-reuse projects.

“The availability (or lack thereof) of development incentives can absolutely make or break the viability of potential adaptive reuse projects,” Laver told Patch in an email.

The first question developers must ask, according to Laver:

“Does the Zoning Code permit multi-family residential use?”

To read the full article, please click <a href="https://patch.com/new-york/new-york-city/nyc-bets-trickle-down-effect-make-housing-more-affordable">here</a>.

"NYC’s Bold Housing Strategy Targets High Rents," by Ainsley Martinez was published in <a href="https://patch.com/new-york/new-york-city/nyc-bets-trickle-down-effect-make-housing-more-affordable">Patch</a> on August 21, 2026.

NYC’s Bold Housing Strategy Targets High Rents

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NYC’s Bold Housing Strategy Targets High Rents

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