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Last Friday marked the deadline for bills to pass in the house they originated in. Two bills focused on the adaptive reuse of commercial real estate or office to housing conversion passed the Assembly overwhelmingly and now head to the Senate. Our industry has prioritized working with the Legislature on adaptive reuse to enable property owners to pursue this option when it makes sense.
AB 3068 (Haney; D-San Francisco) aims to promote the conversion of existing nonresidential buildings into residential or mixed-use spaces by allowing cities and counties to offer financial incentives for adaptive reuse projects and streamlining the approval process for converting. The bill passed the Assembly floor on a vote of 58-5 and now heads to the Senate.
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