CM Epstein presents Intro 178 to create Office of Conversion Assistance
Council Member Harvey Epstein describes his bill to establish an Office of Conversion Assistance to facilitate office-to-residential conversions, noting that one-third of new housing permits this year came from conversions. He references the 234 East 42nd Street partial collapse as underscoring the need for technical support.
Thank you, Chair Sanchez, for your leadership and my colleagues on the Housing Committee for an important hearing today.
As we all know, New Yorkers are facing a historic housing crisis.
According to the most recent 2024 Housing and Vacancy Survey, the vacancy rate 1.4%, less than 1% for rent-stabilized units in the city, the lowest level ever recorded.
Office to residential conversion presents a significant opportunity to expand our housing supply.
According to Department of Buildings records, about one-third of new housing permits have come from these conversions this year.
However, many developers still struggle to navigate the process of conversion because it involves construction and reconstruction of entire floors, potentially demolishing the entire building interior, courtyard, light, additional stories potentially on top of those buildings.
At the same time, the unusual partial collapse at 234 East 42nd Street shows a critical need for more technical support to prevent future dangerous incidents.
My bill, Introduction 178, is meant to unlock the true power of these conversions.
by creating an office of conversion assistance to facilitate the conversion process by advising those interested in converting property, liaison with relevant agency, all the government level, and reporting data on these conversions.
This resource can ensure this type of conversion is safe as possible.
In addition to providing assistance with the process, the reporting mandates by this bill is important to identify barriers to conversion process and finding ways to address them.
We must ensure that we're meeting the housing crisis with real solutions to increase the affordable housing supply and the housing supply in general.
I look forward to hearing from the administration, testifying from advocates as well, and all the New Yorkers.
I want to thank the chair and Speaker Menendez for having this opportunity today.
Thank you so much, Councilmember Epstein.
Now we'll hear from Councilmember Banks.