New York developers are transforming struggling office buildings into more than 12,000 new apartments in a bid to help offset the city’s worst housing crisis in decades.
Most of the units are either starting or completing construction next year and over 3,000 of them will be earmarked as permanently affordable homes, according to a new estimate from the Adams administration which tracks progress on City of Yes — a 2024 zoning overhaul designed to spur housing development. A change in a tax-incentive last year also contributed to the growth.