NYC Helps Itself and Property Market With Zoning Plan, Walker & Dunlop CEO Says
- Walker & Dunlop’s Walker says cities see a tax-base threat
- It won’t be easy, he says, but it’s an important first step
The lower Manhattan skyline in New York.
Photographer: Ed Jones/AFP/Getty ImagesNew York City’s offices-to-housing conversion plan in midtown Manhattan offers a path to expand the supply of residential units, throws a potential lifeline to struggling landlords and helps stave off a crisis in municipal finances.
That’s the assessment of Willy Walker, chief executive officer of Walker & Dunlop Inc., a commercial real estate financing firm with a focus on multifamily lending. It won’t be easy, he said, but the work-from-home era has wrecked old assumptions about the need for office space, leaving an unprofitable glut in the market.