PHOENIX — A housing bill signed into law by Gov. Katie Hobbs could help with two major challenges in metro Phoenix: housing shortages and a surplus of vacant commercial buildings.
House Bill 2297 will allow developers to convert or demolish a small portion of commercial, office or mixed-use buildings for new residential development without going through the rezoning process, potentially saving months in the building process.
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Starting in 2025, Arizona cities with populations of more than 150,000 have to allow for up to 10% of all commercial real estate buildings that are considered economically or functionally obsolete to be reused or demolished for new housing — about 10% of which would be set aside for moderate or low-income tenants.
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