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If a developer builds in a way such that the demand for street parking outstrips supply, the street parking still has a cost, that cost is just expressed in tim
by benced 8mo ago
If a developer builds in a way such that the demand for street parking outstrips supply, the street parking still has a cost, that cost is just expressed in time to find a spot, not dollars like you're suggesting. People unwilling to pay that time cost will find paid lots or not have a car (which is basically the dynamic in my building: people either pay $450 a month for a spot or they spend 10-15 minutes looking for a free street spot).
In practice, of course, existing residents feel entitled to "their" street parking and get mad when a new building with new people contending for those spots is built but there's no logical reason to preference residents who have previously lived there. This is where politics rears its head though.
- nickff 8mo agoI completely agree with your comment, but would also like to add that many cities have restricted or stopped permitting the construction of above-surface parkades, further distorting the market.
- pavel_lishin 8mo ago> People unwilling to pay that time cost will find paid lots or not have a car If we're talking about commercial properties and zones, people unwilling to pay that time cost just won't come to the area.
- benced 8mo agoThis is correct which will incentivize the constructions of private lots etc (assuming the people you mentioned value their time more than the $ those lots cost). I don't see any reason you can't trust markets to address the supply of a commodity product.
- wpm 8mo agoExactly, it's not like a Target going up in an area with no parking minimums is going to be like "great our massive big box store won't need any parking!" They're just going to be incentivized to build enough parking to fill their store to levels they expect based on the massive amount of data they have, and not just some gut-feeling BS from the 60s in the parking minimums regulations "department store - 20 spots per 100sqft" or some bullshit.
- deleted 8mo ago[deleted]