Broeksmit further addressed the current challenges faced by housing providers, such as high-interest rates and escalating labor and construction costs, against the backdrop of an inadequate housing supply. He believes that the new initiatives should facilitate more commercial-to-residential projects and urges state and local governments to align zoning laws, tax credits, and subsidies to maximize the benefits of these programs.
Echoing this sentiment, National Association of Realtors president Tracy Kasper acknowledged the significant underinvestment in housing, leaving a deficit of approximately 5.5 million homes.
She commended the administration’s efforts, saying, “With many office buildings sitting empty, converting underused commercial space into multifamily housing is an innovative, tangible, and sensible solution that will also address housing affordability, which is currently at a historic low.”
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Kasper underscored the potential economic benefits, including job creation and community revitalization, stemming from such conversions.
