Seattle's mayor has proposed legislation aimed at converting commercial real estate into residential housing to address the city's housing crisis, described as 'low-hanging fruit' for making a significant impact. The initiative seeks to attract developers by offering incentives such as dropping certain fees and regulations, specifically exempting projects from the city's Mandatory Housing Affordability requirements. This move is part of a broader national effort to tackle housing shortages, with similar considerations being made for converting parking lots in Toronto and the federal government announcing loans for such conversions near public transit. However, developers have reported delays in receiving these federal loans, prompting inquiries from lawmakers like Rep. Robert Garcia, who emphasizes the importance of ensuring these projects, especially in Long Beach & Los Angeles, receive the necessary funding.
The bill would reduce the cost of residential conversions by exempting projects from the city’s Mandatory Housing Affordability requirements. https://t.co/we3GbuV7sG
The affordable housing crisis is a national issue we can work to solve by converting empty office space into housing units. Federal loans are available, but we need to make sure projects across the country actually get those loans. More here: https://t.co/ncCNVEqqOU
The affordable housing crisis is a national issue we can work to solve by converting empty office space into housing units. Federal loans are available, but we need to make sure projects in Long Beach & Los Angeles actually get those loans. More here: https://t.co/ncCNVEqqOU
The federal government quietly announced it would begin giving loans for conversions of vacant commercial space near public transit into housing last October, but developers who have applied have yet to receive any, and @RobertGarcia wants to know why. https://t.co/GBHCPToO59
This would be low-hanging fruit for making a dent in the housing crisis. We should give it a shot. https://t.co/9dfDiJqQuI https://t.co/lxlEHYStBa
The federal government announced it would begin giving loans for conversions of vacant commercial space near public transit into housing last October, but developers who have applied have yet to receive any, and a California lawmaker wants to know why. https://t.co/VR6rZRCTLp
Could converting parking lots help the national housing crisis? Toronto is considering it https://t.co/35MvuUlTvf
Could converting parking lots help the national housing crisis? This city is considering it https://t.co/Ltf565MdlX
The bill would reduce the cost of residential conversions by exempting projects from the city’s Mandatory Housing Affordability requirements. https://t.co/4jMvYpUeDb
Seattle's mayor wants to entice developers to turn empty offices into housing by dropping some fees and regulations. Here's how the plan may work and the hurdles it faces. https://t.co/8Bt6mgAzut
Seattle mayor proposes legislation to help convert commercial real estate for residential uses https://t.co/IWa1O8KjMY