Might be a real fight with the zoning agencies and other "interested" groups to get it done. I expect any attempt to convert office space will run afoul of requirements to set aside a portion for rent controlled units and that alone could end many conversions.

Before anyone has a hissy, while a good sounding idea it can raise costs for remaining units and price other people completely out of the market again and greatly delay a project as each group wants its pound of flesh. So the very same reason there is a lack of housing will rear its ugly head in this case as well