The COVID-19 pandemic has upended many aspects of our lives, including the way we work. The transition of huge numbers of people to telecommuting has left many office spaces empty, while the demand for housing is more acute than ever. 

In response to this problem, the Joe Biden administration has come up with a plan that could help solve the housing crisis — encouraging developers to convert unneeded office buildings into residential real estate.

However, converting office buildings to residential real estate is not the easiest task. This is due to the cost of conversion and the need to comply with zoning laws and other regulations. However, a White House initiative is designed to help address these challenges.

The initiative will provide developers with significant financial support — more than $35 billion in grants and low-interest loans. This should incentivize developers to turn offices into residences.

In addition to financial support, the Biden administration, together with the Department of Transportation, will provide technical guidance to facilitate the process of converting office buildings into housing. 

It should be noted that many commercial properties are already in the process of conversion in various regions of the United States. For example, New York's Flatiron Building will be transformed from vacant offices into luxury residences. The 160 Water Street office tower in Lower Manhattan will be converted into nearly 600 apartments. 

In addition to revitalizing the commercial real estate sector, the initiative should help address the housing crisis — today's homebuyers are facing higher prices, higher borrowing costs, and a shortage of properties. According to the National Association of Realtors, the average home price in the country has increased by 52%. 

Such remodeling is also a more environmentally responsible option: it's faster than new construction, 20% cheaper, and produces fewer greenhouse gas emissions.