Boston is tackling high downtown office vacancy rates by incentivizing the conversion of office buildings into residential units through targeted tax abatements. 

The city is offering a reduction in the commercial tax rate – in fiscal 2024, $25.27 per $1,000 of assessed value - to the residential rate of $10.90,  with up to 75% available for 29 years. This initiative aims to revitalize downtown, promote affordable housing, and ensure energy efficiency.