In a daring and potentially desperate move to address the housing shortage and surplus of office spaces, Boston is now offering up to 75% tax breaks on office-to-residential conversions. That’s right, folks. This unprecedented offer is aimed at incentivizing property owners to repurpose their now-underutilized commercial spaces into residential units. It’s a fascinating notion, to think we’re getting to a point where we’re practically begging property moguls to switch up their blueprints.
In light of the work-from-home trend, it’s almost ironic how our downtown areas have transformed into ghost towns. And while the average Joe might jump at the chance to get their hands on one of these shiny new apartments, experts in the field know that these conversions are far from a walk in the park. From zoning compliance to construction costs, the hurdles can seem endless. And let’s not forget about the elephant in the room – the city’s plan to recoup its losses via a 2% payment on future sales. Seems like the city’s got their own “grand” plan, doesn’t it?
#OfficeConversion #BostonHousing #TaxBreaks
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