With an affordability and housing crisis facing the city, Mayor Eric Adams is putting his hopes into the idea of converting empty office space into housing.

“I can’t help but to reflect just on the next generation and how the conversation on living is shifting,” said Adams.

On Monday, the mayor showed the potential for housing thousands of New Yorkers: a 30-story office building in the Financial District that is currently being changed into apartments.

The two-bedroom, two-bathroom model apartment is located in one of the few buildings currently taking on the task of creating more housing. That’s because converting offices into apartments can be very challenging.

Factors like windows, structural columns, heating and air-conditioning and plumbing all had to be thought out before final layouts for units could be made. The project is expected to take 24 months to complete.

“Creating a livable place for people to both socialize and work, 24-hours of the day, 7-days-a-week rather than having a part of the city that is quiet a few days of the week, active a few other days of the week is vital. It creates a better community, a safer community,” said Richard Coles from VanBarton Group, the owner and developer of the building.

Once complete, 160 Water Street will boast 588 market rate units with a studio starting at $3,000, a price tag that is unusual considering an affordability crisis facing many struggling New Yorkers.

Adams argues that all income brackets need to be considered when creating new units.

“What we have in this city is a housing crisis, a housing crisis. And the goal is to build low-income, middle income and market and to shore up NYCHA. It’s not a one-size fits all,” said the mayor.

City officials say that to create affordable housing at breakneck speed, state lawmakers need to help too. They want state lawmakers to make changes to the local multiple dwelling law that limits conversions to specific districts and to newer buildings.

They also called on a revival of the 421-a program that encouraged developers to create affordable housing units in return for a tax break.

“If we are successful with our partners in Albany, then what we will see is not just the conversion to residential but also the addition to affordable units because of that tax exemption and incentive that will be made possible,” said Maria Torres-Springer, the deputy mayor of economic and Workforce Development.

Adams has set his sights on an ambitious 500,000 new housing units in ten years.