Major cities across the US are experiencing high office-vacancy rates. In San Francisco, for example, the commercial vacancy rate reached 15.4 percent, more than double what it was two years ago. Despite the rising levels of homelessness (more than 560,000 people nationwide), these offices spaces likely won’t be converted into housing because such conversions can be expensive and take a long time. “You combine this market reality with the large amount of underutilized land where it is cheaper to build a new four- to five-story apartment complex than convert an existing office building to housing,” said Alan Stephenson, director of the Phoenix Planning and Development Department.
Published by Oklahoma Coalition for Affordable Housing
The vision of OCAH: That all Oklahomans have the opportunity to live in safe, healthy and affordable homes. Our Mission: To lead the movement to ensure that all residents of the state of Oklahoma flourish in safe, affordable homes and to help communities develop safe and affordable housing options for all of their residents. We reach our mission through advocacy, education and practical training to foster the production and maintenance of affordable housing throughout the state. View all posts by Oklahoma Coalition for Affordable Housing