AN ACT CONCERNING THE CONVERSION OF COMMERCIAL REAL PROPERTY FOR RESIDENTIAL USE.

SB 703 allows property owners to convert commercial buildings into residential housing without needing special permits, provided the converted units meet health and safety standards. It prohibits municipalities from increasing the property tax value of converted buildings for at least three years and requires inspections to be completed within a reasonable timeframe. This bill directly affects commercial property owners, developers seeking to repurpose buildings, and local governments handling inspections and tax assessments. The key change streamlines residential conversions by removing discretionary approval barriers while providing tax stability for converted properties.