New Law in AZ will allow some Commercial property to become Residential.

[Matt Greer]

I provided a link to the bill HB 2297. I'm a bit of a nerd and pay close attention to what happens in the Arizona Legislature and there were a few bills in particular that affect housing. HB 2297 in particular can provide a lot of opportunity for multi family real estate investors. The bill requires that cities allow up to 10% of the commercial properties (strip malls for example) to be repurposed as multi family residential. The property has to meet very minimal requirements to be allowed to be rezoned (section C). 

I was wondering if anyone here other than me was even aware of this new legislation and if anyone was working on anything like this. This seems like a great opportunity to take abandoned strip malls or motels and convert them to residential. It's definitely something I'd like to be a part of.