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Stock impact report

Developers want to convert unused offices into housing — here's what's stopping them [Yahoo! Finance]

Pfizer, Inc. (PFE) 
Last pfizer, inc. earnings: 4/28 06:45 am Check Earnings Report
Company Research Source: Yahoo! Finance
sense to convert those fiscally distressed office towers into housing. But it's not so simple. Conversion projects are hugely complex, expensive, time-consuming and are stymied by both city and state zoning and regulations. And without gobs of government assistance, the numbers don't equate to cheap rentals. Just look at Slate's now underway conversion of the Hilton New York JFK Airport. Although the area was not conducive to pricey condos or market rents, thanks to a new program with financial and tax breaks, it will have 100% affordable housing with support services, said Ariel Aufgang, AIA, principal of Aufgang Architects, who designed the conversion. Without that government assistance, the Hilton would have sat empty. At December's announcement, Mayor Eric Adams said: “Advancing this plan to turn a vacant hotel into more than 300 new, affordable homes is a sign that we can think outside of the box and take advantage of the opportunities in front of us.” But thinking is jus Show less Read more
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