Photo: WBZ NewsRadio
BOSTON (WBZ NewsRadio) — Boston Mayor Michelle Wu announced Friday an extension of her Office to Residential Conversion Program that was set to expire at the end of year.
The announcement comes after the program added an additional 1,500 new units to the city surpassing the initial expectations.
“As Boston continues to take action to drive down housing costs, the Office to Residential Conversation program is critical to building a more affordable Boston for all residents,” Wu said in a statement. “By expanding the program and building a pipeline of over 1,500 new units of housing, we are building the foundation for a stronger and more vibrant downtown and neighborhoods.”
Read More: Avg. Rent Costs In Boston Drops For The First Time In Years
According to a press release, the city has received 22 applications to convert 1.2 million square feet of office space across 27 buildings into an additional 1,517 new homes, including 284 income restricted units since. The program gives a 75% tax abatement for 29 years as an incentive to developers.
The extension comes as the average cost of rent in Boston dropped for the first time in years according to a report from Bloomberg. While the average rent in the city has decreased, it still remains over $3,000. Rent control could also be on the ballot this year after the organization, "Homes For All Massachusetts," collected an estimated 125,000 signatures for their ballot initiative. If the measure is implemented, it will limit the maximum rent increase statewide to 5% per year.
