The White House kicked off a multiagency push on Friday to help finance real-estate developers convert more office buildings in big cities emptied by the pandemic into affordable housing, taking aim at the nation’s housing crisis.
The initiative looks to harness an existing $35 billion in low-cost loans already available through the Transportation Department to fund housing developments near transit hubs, folding it into the Biden administration’s clean energy push.
It also opens up additional funding sources and tax incentives, offering a new guidebook to 20 different federal programs that can be tapped by developers and offers technical assistance in what can end up being tricky and expensive conversions.
A third peg of the program will see the federal government draw up a public list of buildings it owns that could be made available for sale to help bolster development.
Next up, your employer charging you $900 a month for your cubicle and bed.
“Home from Work”
I now owe my soul to the company store…
I don’t think the businesses currently owning these have any interest in running a residential apartment company. The idea is likely that companies that have large empty office buildings would sell them to companies that would refit them as residential, and then likely sell them again to companies that already have expertise in running large residential management companies.
Weird how we’re using tax dollars for someone else’s investments, lol.*
I guess it would make sense if the buildings were publicly owned, but instead they’re going to be owned by someone who charges as much rent as possible while expending as few resources as possible to do it.
*not weird at all. The one time democrats and republicans unite on anything is when we’re funneling money to the ruling class.