Authors: Ingrid Gould Ellen and Noah M. Kazis
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Economic Policy Review
Flexibility and Conversions in New York City's Housing Stock: Building for an Era of Rapid Change
Volume 29, Number 2
October 2023
October 2023
JEL classification: R31, R33, R38
Post-COVID, New York City faces reduced demand for commercial space in its central business districts, even as residential demand is resurgent. Just as in past eras of New York’s history, conversion of commercial spaces into housing may help the city adapt to these new market conditions and provide an additional pathway for producing badly needed housing. If 10 percent of office and hotel spaces were converted to residential use, around 75,000 homes would be created, concentrated in Midtown Manhattan. However, there are considerable obstacles to such conversions, including a slew of regulatory barriers. Allowing greater flexibility in building uses—including by reducing the distinction between short- and long-term use and rethinking the separation of uses embedded in the city’s zoning code—could help facilitate these shifts.
Author Disclosure Statement(s)
Ingrid Gould Ellen
I declare that I have no relevant or material financial interests that relate to the research described in my forthcoming Economic Policy Review paper, “Flexibility and Conversions in New York City's Housing Stock: Building for an Era of Rapid Change.”
Noah M. Kazis
The author declares that he has no relevant or material financial interests that relate to the research described in this paper.
Suggested Citation:
Ellen, Ingrid Gould, and Noah M. Kazis. 2023. “Flexibility and Conversions in New York City's Housing Stock: Building for an Era of Rapid Change.” Federal Reserve Bank of New York Economic Policy Review 29, no. 2, October. https://doi.org/10.59576/epr.29.2.53-74
Ellen, Ingrid Gould, and Noah M. Kazis. 2023. “Flexibility and Conversions in New York City's Housing Stock: Building for an Era of Rapid Change.” Federal Reserve Bank of New York Economic Policy Review 29, no. 2, October. https://doi.org/10.59576/epr.29.2.53-74
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