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Parking Requirement Removal Makes Housing More Affordable

Parking Requirement Removal Makes Housing More Affordable

Hot on the heels of Cincinnati’s move to begin eliminating parking requirements in the urban core, UCLA has released a study that highlights how excess parking from parking requirements contribute to the increase in rent or mortgage payment for developments that may not need as much parking as a city’s code requires. The study highlights how parking spots, costing between $30,000 to $50,000 a space can raise rents by as much as $140 a month. More from Streetsblog:

Minimum parking requirements result in more space being dedicated to parking than is really needed; in a world of height limits, floor-area ratios, and endless other development regulations this necessarily leaves less space for actual housing. What really struck me, though, was the straightforward assertion that housing marketed toward non-drivers sells for less than housing with parking spaces. It’s powerful, but it’s also obvious: parking costs money to build, so of course buildings with less parking are cheaper. But to have research-driven data behind it adds force to the conclusion.

By John Yung

John joined UrbanCincy in 2011 and immediately established himself as a key member of the UrbanCincy team. A native of Chicago, transplanted to Lebanon, Ohio in his teenage years, John currently resides in Cincinnati’s historic Mt Auburn neighborhood. John earned a Masters of Community Planning degree from the University of Cincinnati in 2013.