WASHINGTON (October 27, 2023) – National Association of Realtors® President Tracy Kasper issued the following statement after the White House unveiled its Action to Create More Affordable Housing by Converting Commercial Properties to Residential Use.
“America is facing a more than $4 trillion underinvestment in housing that has left us short some 5.5 million homes. With this, NAR is extremely appreciative of the Administration’s work to bring attention to and help address this critical, nationwide problem. With many office buildings sitting empty, converting underused commercial space into multifamily housing is an innovative, tangible, and sensible solution that will also address housing affordability, which is currently at a historic low.
“Even relatively modest steps will reduce the underbuilding gap while unleashing tremendous economic activity into our communities, creating millions of new jobs, and igniting economic growth where it is needed most.”
NAR has long advocated for adaptive reuse of older and unused commercial space. NAR continues to work with Congress on legislation to enact tangible solutions to truly drive change. Such advocacy efforts include the support of bipartisan and bicameral legislation to provide a 20% tax credit for qualified property conversion expenditures.
The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.