Boston plans to offer tax breaks to convert office buildings into housing
BOSTON - The list of what to love about Boston is long, but no city is perfect - and one of Boston's biggest flaws is how much it costs to live here.
"It's really hard to find properties to rent. If you do, they're up in the skies to rent," said Christian Cardenas.
"This is my third year in my apartment and rent's gone up about $200 each time it came to renew the lease. It hasn't gotten $200 better I'll tell you that," said Nigel Robinson, laughing.
Office vacancies skyrocketed throughout the pandemic as more people worked from home. Mayor Michelle Wu announced Monday a pilot program offering developers a tax break of up to 75% if they'll convert office buildings into residential housing.
Architecture and design firm Gensler has been involved in research with building owners and developers here and across the country. This type of incentive plan isn't only to create housing units, but also more consistent foot traffic in neighborhoods that seem to shut down when everyone goes home.
"People need to live in cities. And there's not enough places to live. And those business districts which were intended to be 9 to 5 aren't surviving because of that. So, the areas around those that are being built as mixed use. They're the ones that are succeeding the most," explained Co-Managing Director for Gensler's Boston Office Jared Krieger.
Applications for the program will be accepted this fall. Boston commuters are intrigued.
"I don't need something super fancy. I just need something decent I can afford. Can't hurt to have more options," Robinson, who rents, added.