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BOSTON (WBZ NewsRadio) — Boston is introducing a new pilot program that could bring new use to many office buildings that have gone vacant since the pandemic.
Mayor Michelle Wu announced the "Downtown Office to Residential Conversion Pilot Program" on Monday. Wu's office said the program is meant to encourage the owners of office space downtown to convert their buildings into apartments.
The office spaces became vacant for years during the pandemic, and some companies show signs of not returning anytime soon.
In return for "immediately" turning their buildings into residential space, the city is promising the owners of the buildings significant property tax cuts — up to 75% in some cases, for almost three decades. A study commissioned by the city last year found that about 20% of the office spaces downtown were completely vacant.
The program appears to be an attempt at toward alleviating the city's well-documented housing crisis.
It will accept applications through June 2024, with construction required to start by October 2025.
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