Media Coverage
Source: The National Law Review
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
10.13.21
In July, several U.S. Senators introduced the Revitalizing Downtowns Act to Congress. With a goal to revive urban districts and downtown commerce, the act would establish a new federal tax credit that encourages property developers to convert unused office space into residential or mixed-use space.
As the pandemic continues, many office buildings may remain vacant and unused, leaving downtowns with fewer opportunities for investment and revenue generation. One potential impact of the bill would be the increased investment in affordable housing. With many cities large and small struggling to provide enough affordable housing, the act would create an opportunity to develop vacant buildings into much needed affordable housing developments.
In addition to creating jobs, the creation of affordable housing has the potential to slow down the gentrification affecting many large cities, said former U.S. Congressman Lacy Clay, now a Senior Policy Advisor at Pillsbury.
“If you can convert these older buildings into affordable housing units, then you will slow down the gentrification process taking place in quite a few of these urban centers. You can look at any major city now and see that low to moderate income families and people of color are being pushed out of those cities, and then to further into the suburbs,” he said. “This would help reverse those trends.”
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