House Bill 2297, signed into law by Governor Katie Hobbs and supported by the Arizona Multihousing Association, seeks to convert up to 10% of vacant commercial properties into affordable housing starting in 2025. This law aims to develop around 150,000 new apartment units in Phoenix and Tucson, helping to address Arizona’s housing shortage. By streamlining the process and exempting these projects from lengthy rezoning, the law ensures that at least 10% of the units are affordable for low- to moderate-income renters. It applies to cities with populations over 150,000 and is expected to generate over $61 billion in economic activity, create more than 375,000 jobs, and produce an additional $4 billion in tax revenue. HB2297 represents a significant step toward revitalizing underused commercial spaces and meeting the state’s housing needs.
