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Converting Brown Offices to Green Apartments / Arpit Gupta, Candy Martinez, Stijn Van Nieuwerburgh.
- Format:
- Book
- Author/Creator:
- Gupta, Arpit.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w31530.
- NBER working paper series no. w31530
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2023.
- Summary:
- The conversion of brown office buildings to green apartments can contribute towards a solution to three pressing issues: oversupply of office in a hybrid-and-remote-work world, shortage of housing, and excessive greenhouse gas emissions. We propose a set of criteria to identify commercial office properties that are are physically suitable for conversion, yielding about 11% of all office buildings across the U.S. We present a pro-forma real estate model that identifies parameters under which these conversions are financially viable. We highlight several policy levers available to federal, state, and local governments that could accelerate the conversion, and that may be necessary should policymakers desire the creation of affordable housing. We highlight the role that the Inflation Reduction Act could play.
- Notes:
- Print version record
- August 2023.
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