Once we start talking easing housing code requirements, especially if it's done in the name of increasing access to housing, the conversation becomes about just how much conversion is really necessary, and how little can be done to break even. And there's a big continuum.

If one end of this continuum is a standard college dorm setup, the other is literally just letting people camp out in an otherwise-unmodified office floor. In between are probably SRO-level accommodations, building four-wall cubicles with open ceilings for sunlight and ventilation (sometimes traditionally covered in chickenwire).

As grim as this sounds, it might actually be preferable to the current practice of allowing tent cities to proliferate downtown. The idea of an office tower slum is incredibly dystopian, but if the alternative is the properties becoming write-offs, it may be the most likely outcome.