How to Convert Office Space to Apartments in New York City

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New York started in the 1990s providing tax credits to developers willing to convert office space to residential. The 9-11 terrorist attack on the World Trade Center brought a ton of city, state, and federal funding for redevelopment. About 13% of office space there was turned into apartments between 1995 and 2006.

Pandemic restrictions are mostly over, but cities are still struggling to recover. Empty offices threaten to set off a downward spiral of falling tax revenue and declining services. Today, Explained’s Miles Bryan tries to stop the doom loop before it starts.

This episode was reported and produced by Miles Bryan with help from Amanda Lewellyn. It was edited by Matt Collette with help from Jolie Myers, fact-checked by Laura Bullard, engineered by Paul Robert Mounsey, and hosted by Sean Rameswaram.

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