Seattle Mayor Bruce Harrell has recently signed a bill that aims to promote the conversion of vacant and underused buildings into affordable housing. The measure is designed to assist developers in converting existing commercial structures into residential properties, making it easier and more streamlined for them to do so. This initiative will support the development of much-needed housing in Seattle, particularly in downtown and its surrounding areas.
According to Harrell, this effort will provide flexibility for optimizing Seattle’s built environment while creating a thriving workplace and vibrant community for families from all backgrounds. He believes that these changes are crucial steps towards turning the concept of office-to-housing conversions into reality.
The proposed legislation includes clear guidelines for residential conversions and offers exemptions from design development standards. It also reduces the cost of converting buildings by exempting them from Mandatory Housing Affordability (MHA) requirements set by the City. This move is expected to have a positive impact on Seattle’s real estate market as it addresses both affordability issues and repurposes underutilized spaces within city limits.
