Currently, the office vacancy rate in Washington, D.C. is approximately 11 percent. Meanwhile, 25 percent of D.C. renters spend more than half of their income on rent. In order to kill two birds with one stone, D.C. Councilman Robert White has introduced a bill that aims to convert vacant office buildings into affordable housing, reported the Washington Business Journal.
If approved, the bill will establish the Office to Affordable Housing Task Force, which will issue recommendations to create public-private partnerships. The Washington Business Journal reported that these partnerships will take the lead on making office-to-apartment conversions occur more rapidly.
If interested in giving the bill a read, check it out below.
Can’t see the document? Head to Scribd here.
• D.C. to consider pursuing office-to-affordable residential conversions [Washington Business Journal]
• Office to Affordable Housing Task Force Establishment Act of 2017 [Council of the District of Columbia]