By Brittney Sherman — News, housing, Downtown
The “Office to Housing Conversion Act” is a state bill that would limit and potentially block a City’s ability to delay conversions from office-to-housing. The Act would block unnecessary review requirements, eradicate City zoning restrictions not supporting the conversion, and require 10% of the project to be affordable. To further spur conversions, the Act would also provide a grant funding mechanism through the "California Downtown Recovery Catalyst Fund.” In 2022, California approved a budget of $400 million to incentivize developers, however the combined challenges of labor shortages, materials, and retrofitting challenges have kept conversion projects to a minimum……for now.