Incentivizing residential development with public benefits on underutilized commercial properties.

SB 5755 incentivizes converting underutilized commercial properties into residential housing by creating a state review process for eligible projects. It requires property owners to submit detailed proposals by October 1, 2025, including location details, infrastructure needs, and affordability plans. Eligible projects must be in urban areas with at least 250 new units, avoid sensitive zones or historic sites, and score high on criteria like low-income housing, environmental features, and community benefits. High-priority projects receive streamlined permits (processed within 180 days), technical assistance, and priority for state funding to accelerate development. This directly affects developers and property owners seeking to redevelop commercial sites into mixed-income housing near transit and jobs.