Reimagining Boston's Workspaces: A Tax-Driven Push for Residential Conversions
Boston’s innovative tax incentive program aims to convert vacant downtown office buildings into residential units, addressing high vacancy rates and housing shortages. The plan offers a substantial tax break, reducing the commercial tax rate to a lower residential rate, with further discounts for 29 years. Developers must include affordable housing and adhere to energy efficiency standards. This strategy seeks to revitalize downtown, attract residents, and support local businesses.