[hkatx]

While the cost of conversion is prohibitive and needs various incentives and easing zoning standards before it can become affordable. In addition outside of manhattan the market for high end apartment is likely already met.

There is an additional issue at play. Both the building owner and city/state officials are clinging to the hope of return to office. Its just more profitable both for the building owner to rent commercially and the city/state to pocket the resulting sales and property taxes commercial entities and the economic activity they further spur. (Neighboring businesses that cater to lunch for office staff generate more sales tax than an apartment building pays in property tax).