White House announces push to convert empty commercial buildings to housing ...Middle East

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White House announces push to convert empty commercial buildings to housing
The Biden administration on Friday announced federal financing and other incentives designed to convert high-vacancy commercial buildings in downtown spaces around the country into residential use in an attempt to increase housing supply. Administration officials said office space vacancies have hit a 30-year high, while housing costs remain high for millions of Americans and there is a shortage of affordable housing units. Lael Brainard, director of the National Economic Council, said on a call with reporters that converting empty commercial buildings into residential use represents a “win-win” opportunity to simultaneously revitalize downtown areas with unused office space while i

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