Story perspectives

New York City Converts Offices to Combat Housing Crisis

12/5/2025

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Summary

Story summary

New York City will convert 12,000 office units from Goldman Sachs and JPMorgan into apartments.
City Planning Director Dan Garodnick noted high commercial vacancy and low rental housing.
The effort stems from the City of Yes policy to create 80,000 homes over fifteen years.
Incoming Mayor Zohran Mamdani supports the plan and has pledged $100 billion for affordable housing.
Costs may drive higher rents, making affordability difficult without city incentives.

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Story summary

New York City will convert 12,000 office units from Goldman Sachs and JPMorgan into apartments.
City Planning Director Dan Garodnick noted high commercial vacancy and low rental housing.
The effort stems from the City of Yes policy to create 80,000 homes over fifteen years.
Incoming Mayor Zohran Mamdani supports the plan and has pledged $100 billion for affordable housing.
Costs may drive higher rents, making affordability difficult without city incentives.