Creates an office to residential conversion tax credit which shall be administered by the empire state development corporation; creates a historic preservation rehabilitation office to residential conversion tax credit which shall be administered by the state historic preservation office.

This bill aims to create a tax credit for converting office buildings into residential units, which will be managed by the Empire State Development Corporation. Additionally, it establishes a separate tax credit for historic buildings undergoing similar conversions, overseen by the State Historic Preservation Office.

Supporters of the bill argue that it will help address the housing shortage in New York by repurposing underutilized office spaces into much-needed residential units. They believe it will also promote the preservation of historic buildings while revitalizing neighborhoods and boosting local economies.

Critics may contend that the bill could lead to the loss of valuable office space, potentially exacerbating the challenges faced by businesses in the area. They might also argue that tax credits could divert funds from other essential public services and that the focus should be on building new housing rather than converting existing structures.