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They've already done so. They're just waiting for the economics to make sense before they convert the land. The parking lot is just how they're paying taxes and
by throwway120385 2y ago
They've already done so. They're just waiting for the economics to make sense before they convert the land. The parking lot is just how they're paying taxes and the mortgage on the land.
- konschubert 2y agoLand Value Tax would fix this. But even without, it’s crazy that you can afford the mortgage with the parking fees.
- AlchemistCamp 2y agoI'm definitely on board with a land-value tax. It would be a significant boon to productivity, economic mobility and even growth.
- vel0city 2y agoSay you've got a lot with like 420 spaces a few blocks away from Minute Maid Field in Houston. You charge $25 for parking during the event and you're guaranteed to fill it up every game. 81 home baseball games a season. That's $850k in revenue a year, practically guaranteed, and just for the baseball games. How many other events will they host there? Let's say on an average workday your lot is like 60% full. You charge like $8/day for normal workdays or something. 252 spaces * 8/day ~$10k/wk. Lets say 50 of these normal weeks in a year, that's $504k in parking for the normal workdays. Normal workday and baseball games gives you ~$1.35M in revenue for something you need to repave every decade and paint every couple of years.