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Parking requirements and "luxury" housing costs
A 2013 Sightline article: http://www.sightline.org/2013/08/22/apartment-blockers/
"Todd Litman of the Victoria Transport Policy Institute has modeled a typical affordable housing development and concluded that including one parking space per dwelling raises the cost of each rental unit by 12.5 percent; adding a second parking space doubles that to 25 percent."
"Parking quotas constrain the supply of dwelling units, particularly of modest, economical ones, which causes their price to rise. (Dr. Kasper affirms: “Supply and demand, not cost . . .”) You may end up building only 25 apartments, rather than 50. The same goes for every other builder in the city. Fewer new apartments mean more competition for all apartments. Rents go up."
"Developers cannot convert vacant warehouses into lofts, or aging office blocks into condos, unless they somehow shoehorn floors of parking into the historic structures. " (This might have a bigger impact on limiting the flexibility of businesses to change what they do.)
[LA] " When parking requirements are removed, developers provide more housing and less parking, and also . . . developers provide different types of housing: housing in older buildings, in previously disinvested areas, and housing marketed toward non-drivers. This latter category of housing tends to sell for less than housing with parking spaces."
"Quickly, the deregulation of parking yielded more than 6,000 new apartments and condominiums, some of them in previously dilapidated historic office buildings that dated from the Art Deco era."
"Todd Litman of the Victoria Transport Policy Institute has modeled a typical affordable housing development and concluded that including one parking space per dwelling raises the cost of each rental unit by 12.5 percent; adding a second parking space doubles that to 25 percent."
"Parking quotas constrain the supply of dwelling units, particularly of modest, economical ones, which causes their price to rise. (Dr. Kasper affirms: “Supply and demand, not cost . . .”) You may end up building only 25 apartments, rather than 50. The same goes for every other builder in the city. Fewer new apartments mean more competition for all apartments. Rents go up."
"Developers cannot convert vacant warehouses into lofts, or aging office blocks into condos, unless they somehow shoehorn floors of parking into the historic structures. " (This might have a bigger impact on limiting the flexibility of businesses to change what they do.)
[LA] " When parking requirements are removed, developers provide more housing and less parking, and also . . . developers provide different types of housing: housing in older buildings, in previously disinvested areas, and housing marketed toward non-drivers. This latter category of housing tends to sell for less than housing with parking spaces."
"Quickly, the deregulation of parking yielded more than 6,000 new apartments and condominiums, some of them in previously dilapidated historic office buildings that dated from the Art Deco era."