The Biden administration is launching a multi-agency effort to encourage states and cities to convert more empty office buildings into housing units, with billions of federal dollars available to help spur such transitions.

Several of the new measures will be designed to specifically encourage the creation of new affordable housing units near transportation hubs like bus terminals and subway stations.

Buttigieg said that 'over $35 billion in lending capacity' will be made available to provide below-market rate loans to finance both new housing construction and office conversions near transportation hubs.

apnews.com - Biden office conversion affordable housing

Even if Brookfield-owned properties are not direct beneficiaries, it should boost valuations of office properties overall and allow them to claim higher values.