Office Conversion Tax Break NYC Wants Might Not Fix Housing Woes

New York City Mayor Eric Adams is pushing state lawmakers to create a tax incentive to help convert offices into affordable housing, setting it up as a top policy issue for next year’s legislative session.

Adams, like leaders of other big cities, sees the proposed tax breaks as a key tool to revive areas stricken by post-pandemic vacancies while also addressing a severe housing shortage. He backed Gov. Kathy Hochul’s push earlier this year for a 19-year property tax abatement for office conversions that set aside at least 20% of affordable housing units. But it didn’t come to pass after ...