Montagu Evans’ Post

🏢 Ontario’s Office-to-Residential Conversion Debate: What Happened? Ontario recently voted down a bill aimed at converting vacant offices into residential spaces to tackle the housing shortage. Here's a quick look: ✅Goal: Facilitate zoning changes for office-to-residential conversions. ✅Focus: Expand affordable housing options. ✅Unanswered Questions: Why was this law not passed, and what alternative solutions could help? Could these conversions have been part of a broader solution to Ontario’s housing challenges?

🧐 Repeal Toronto's Office Replacement Bylaw to Boost Housing Repealing Toronto's Office Replacement Bylaw could significantly boost housing supply.  The bylaw, which requires developers to replace demolished office space with new office development, has been criticized for hindering the creation of new residential units.  According to a report by JLL, if the bylaw is repealed, approximately 51,000 potential residential units could be unlocked. This would help address the city's housing crisis without additional cost to taxpayers. #etobicokecondos #etobicokerealtor #etobicokeliving #marketnews #realestateToronto #mississaugarealtor #homeinmississauga #realtormissisauga #homesweethome #tobuyahome #torontorealestateagent #torontorealtorlife

Harrell Rolls Out Incentive Proposal for Converting Offices to Housing - The Urbanist 🏢 Converting offices into housing is a complex process that requires experience and a deep understanding of its intricacies. As an investor, one wrong move can make or break your success. That's why it's crucial to have the right expertise by your side. With my experience in office conversions, I can guide you through the nuances and ensure a successful outcome. From zoning regulations to construction costs, I have the knowledge and skills to make your investment a profitable one. Don't take any chances, trust a professional like me to help you achieve your goals. 💼🏠 #officeconversion #housinginvestment #expertadvice #success #investing #realestate #realestateinvesting #knowledgeiskey #trustaprofessional #nuancesmatter/ via @urbanistorg

Topic: California Assembly Bill AB3068 - Office to Housing Conversion Act #housingsolutions Several housing bills have been proposed to make office conversions to housing more feasible. This particular bill aims to make office-to-housing conversions by-right and create a streamlined, ministerial approval process, along with financial incentives for adaptive reuse projects. As expected, with incentives come requirements, such as affordable housing and prevailing wage. For those involved in the development process, do you think this bill will actually produce housing? Some cities like LA already allow adaptive reuse by-right, but many cities do not, and this could help streamline the approval process. However, plan approvals are only one step in the housing delivery process. Securing financing and starting construction is the next significant milestone. This is where I think the intent of the bill to ignite housing production might fall short. I welcome your thoughts on this. Do you think this will work? https://lnkd.in/guJk4SKn

There is more demand than ever for office-to-housing conversions in San Francisco. Why, then, is the city not even in the nation’s top 20 in terms of the number of projects in the pipeline? #SanFrancisco #Housing #CommercialRealEstate #RealEstate

Key components of City of Yes for Housing Opportunity are grouped into: low-density proposals, applicable to R1-R5 zoning districts; medium and high-density proposals, applicable to R6-R10 zoning districts; and citywide proposals. Keep reading to learn about the citywide proposals. Lift Costly Parking Mandates: Remove costly parking mandates for new buildings. Parking mandates make housing more expensive and drive up rents. Parking would still be allowed, and projects can add what is appropriate at their location. Convert Non-Residential Buildings to Housing: Make it easier for underused, nonresidential buildings, such as offices, to be converted into housing. Allow conversions for buildings constructed before 1991 and expand eligibility to anywhere housing is allowed. Small and Shared Housing: Reintroduce housing with shared kitchens or other common facilities. Allow buildings with more studios and one-bedroom apartments for New Yorkers who want to live alone but don’t have that option today. Campus Infill: Make it easier to add new housing on large sites that have existing buildings and ample space to accommodate additional construction, such as a church with an oversized parking lot. #cityofyes #developmentsites #developmentsiteadvisors #nyc #weknowzoning

Remodeling residential real estate has long been a common practice to grow value and maximize utility of hard assets. Shifting this to downtown office spaces isn't quite as easy. Government agencies have commonly used credits and TIF (tax increment financing) to encourage development. This chapter may need to look different to entice changes needed to repurpose downtowns.

Mayor Harrell Proposes Legislation to Support the Conversion of Existing Buildings from Commercial to Residential Uses Citywide As part of his Downtown Activation Plan, Mayor Bruce Harrell has submitted new legislation to the City Council aimed at removing regulatory barriers for converting existing buildings from commercial to residential uses. The proposed changes aim to make it easier and more straightforward for property owners to convert existing structures into residential use, supporting housing development in the city, particularly in and near downtown. “As Seattle continues to evolve, we are committed to meeting the dynamic needs of our city, particularly in downtown. With the recent passage of the State’s sales tax exemption on construction for projects converting nonresidential spaces to housing, this legislation is another powerful tool to tackle the housing crisis and replace building vacancies with vibrancy,” said Mayor Bruce Harrell. “While we know there remains a need for office space, this effort will give us flexibility to help optimize our built environment and create the downtown we want to see–a thriving workplace and vibrant community for families and residents of all backgrounds. These changes are a critical step in moving the idea of office conversion to a reality.” https://lnkd.in/dHEDuA5b

Being prepared as a real estate investor means staying informed on changing regulation. With recent laws like California’s SB 6 allowing residential development in commercially zoned areas, the landscape is shifting. Opportunities to convert underutilized office spaces into housing are emerging, but understanding the rules is key.  🏢➡️🏠 Staying updated ensures you can capitalize on new opportunities while remaining compliant. 🏙️💼 Senate Bill 6 (SB 6) allows for residential development in California's commercially zoned areas to address housing shortages. This initiative enables developers to repurpose underutilized office and retail spaces into housing without rezoning, under certain conditions like wage standards and community notification. SB 6 aims to alleviate housing pressures, particularly for middle-income families, while maintaining existing zoning laws and local oversight. The bill supports the conversion of commercial properties into residential units to address both housing demand and the surplus of vacant office spaces. At BCGK, we see situations like these an opportunities! Our team spends time analyzing legislation in search of creative ways to reinvest in our communities using laws like these as a springboard. 💡 DM me to find out more about what we have coming down the pipeline! https://lnkd.in/g-WAwC8p

Why are municipalities still forcing developers to build offices in new developments when the demand is obviously not there for this asset class and yet we are desparate for more housing units?! Isn't it time that they reacted to the market faster than they have been doing in recent years? Come on people ...wake up and smell the demand! This doesn't just apply to Vancouver but all over the region! #CRE #commercialrealestate #rental #housing #BC #offices #commercialbroker #phoenixcommercial #redevelopments