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Analysts and planners warn office‑to‑residential conversions face high costs and regulatory barriers; committee asks for prioritized incentives
Summary
The Budget & Legislative Analyst, SPUR, Gensler and ULI presented findings on converting vacant commercial buildings to housing, highlighting large downtown vacancy (≈20.7M sq ft), limited conversion feasibility without incentives, and policy levers (streamlining approvals, tax abatements, fee reductions) to improve feasibility. The committee asked for prioritized actions and further analysis on affordable outcomes.
Supervisor Asha Safai convened a broad hearing on repurposing commercial real estate for residential use, bringing the Budget & Legislative Analyst (BLA), SPUR, Gensler, Urban Land Institute and development consultants to present technical and policy findings.
BLA analysts summarized key metrics: downtown vacancy increased from ~5.6% in 2019 to about 24.1% in 2022, representing roughly 20.7 million square feet of vacant office space in the greater downtown market. Their…
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