There is too much empty commercial real estate and not enough available residential real estate. High interest rates make it unattractive to take out loans for major projects. The market is holding it back. It is often more expensive to convert buildings than it is to tear them down and build new construction. Cities, states, and federal government are very interested in these projects and there is huge public support, people want to live in cities and near work, they don't need huge houses in suburbs. There is also a sustainability angle since there is no point in tearing down skyscrapers if they can be converted profitably.

Outcome