The Biden administration is taking a bold step to address the growing homeless crisis in the country by pushing for the conversion of vacant office spaces into affordable housing. With cities and states struggling to build more affordable housing to prevent residents from becoming homeless, the need for additional funding and innovative solutions has never been more urgent.
In recent elections, voters in Chicago and California were faced with the choice of raising taxes to fund housing and homeless services or maintaining the status quo. While California’s Proposition 1 narrowly passed, Chicago’s Bring Chicago Home initiative failed to gain enough support, highlighting the challenges of securing funding for affordable housing initiatives.
State lawmakers in Iowa and New Hampshire are also considering legislation to allocate more real estate transfer tax revenues towards affordable housing. However, efforts in other states like Colorado, Illinois, and Maine have faced setbacks in recent years.
Despite the growing number of elected officials promising to reduce homelessness, the problem continues to escalate. Last year, the U.S. homeless population exceeded 650,000, with housing experts warning that rent increases and evictions will only exacerbate the crisis.
While some argue that tax increases could hurt affordability, advocates for affordable housing emphasize the long-term benefits of investing in housing initiatives. With cities like Seattle and Atlanta successfully implementing measures to fund affordable housing, the push for converting vacant offices into housing could provide a much-needed solution to the homelessness crisis.
