New York City is seeing nearly double the number of offices being converted into apartments compared to the previous year, according to a survey by RentCafe. The survey also revealed that 16,358 planned apartments are planned for this year, compared to 8,310 12 months ago. The conversion boom has resulted in tens of thousands of new places to live in the city, helping to alleviate the housing shortage and create thousands of jobs. The project by Yellowstone Real Estate Investments, which secured a $205 million construction loan, is set to replace mostly empty offices with 176 market-rate and affordable units at a site where it had previously planned a hotel.