San Francisco Is Still Pushing to Turn Offices Into Homes
Old cubicles in the 150 Hayes Street building in San Francisco that’s being converted into housing.Credit...Ian C. Bates for The New York Times
TL;DR
- San Francisco has a substantial amount of vacant office space, with approximately a third of its 100 million square feet unoccupied.
- Unlike other major cities that offered tax incentives earlier, San Francisco is only now implementing programs to encourage office-to-residential conversions.
- A new law allows developers to receive a portion of future property taxes back over 30 years for converting commercial buildings to housing in designated downtown areas.
- Three developers have submitted projects for the new program.
- These tax incentives are a key part of the city's strategy to revitalize its downtown area post-pandemic.