3 ms·
It is certainly a place to start! Although in this case I never heard of a developer wanting to build a parking structure on their own (and don't know if existi
by pavon 3y ago
It is certainly a place to start! Although in this case I never heard of a developer wanting to build a parking structure on their own (and don't know if existing code would have prevented them). It was always the city wanting to build an adjacent parking structure as part of revitalization efforts to extend the success of that neighborhood further down the street.
- AnthonyMouse 3y agoSo part of this is the cart-horse inversion. We have minimum parking requirements that produce an oversupply of parking, therefore parking is cheap, therefore building parking garages is unprofitable. If you don't mandate them, the cost of parking will increase until building parking garages is profitable, and then people will build parking garages (or have fewer cars, in places where that's practical). This doesn't even increase costs. Right now someone is paying $3000/month for a $2500 apartment and a $500 parking space. Without the parking requirements you could get a $2500 apartment for $2500 and choose whether you want to pay the extra $500 for the parking space. Not only that, this would make it cheaper to build more apartments, so then the $2500 apartment drops to $2250 from lower scarcity, which reduces the cost of apartment+parking space as well by not force-allocating a parking space to someone who can do without a car and leaving more for the people who can't.
- bombcar 3y agoThe lack of developers building parking garages tells us that the actual value of the parking is not as high as we think it is in most areas - and in fact parking garages are often built more to protect the vehicles than to provide extra parking.