Would I be a bad dad if I allowed my 16-year-old son to live alone?

He really wants to try living on his own and experience (pseudo) independence. There’s a really nice studio apartment available in the same building we live in. I could rent it out for him and give him a strict, fixed allowance so he can learn to manage his own money. This way, I’d also get our apartment to myself and my girlfriend. I’m not sure what to think.