Addressing Two Crises Simultaneously
The San Francisco City Council has approved a landmark measure to convert underutilized office buildings into residential housing units. With office vacancy rates remaining high and a persistent housing shortage, the city aims to transform commercial spaces into much-needed homes for residents.
Incentivizing Development
The policy includes tax incentives and streamlined zoning regulations to encourage developers to retrofit older office spaces. “This is a creative solution to two of the city’s biggest challenges,” said Councilmember Aaron Peskin, who championed the initiative.
Advocates and Developers Weigh In
Housing advocates praised the measure, noting that it could produce thousands of units over the next few years, including affordable housing. However, developers cautioned that retrofitting commercial buildings into residential units may present logistical and financial challenges, such as meeting building code standards and addressing seismic safety.
Next Steps for Implementation
The city plans to prioritize conversions in neighborhoods like SOMA and the Financial District, where office vacancies are most pronounced. Pilot projects are expected to begin in mid-2025, with city officials pledging to closely monitor their progress and impact.
