Boston Mayor Michelle Wu is proposing to give downtown office building owners a property tax break of up to 75% over a 29-year period to convert their properties into apartments or condos.
The move is meant to help revitalize a neighborhood hit hard by the emptying out of offices in the wake of the pandemic. While city officials first stressed the importance of office conversions to downtown’s recovery more than a year ago, the initiative marks the first time they have put forward financial incentives to make the changeovers a reality.
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