Beyond helping to meet Los Angeles' ambitious housing production goals, adaptive reuse conversions can provide a more-stable source of property tax revenue because the housing sector is much more insulated from factors such as remote work and other economic shocks affecting the office sector. And they can also help to maintain office prices through a reduction in supply. Both of these forces could place city and county finances at less future risk.
Associate Director, RAND Center on Housing and Homelessness in Los Angeles
Source: Los Angeles Times