We apperceive that minimum parking requirements — that hidden subsidy for cars and cartage anchored in (almost) every city’s zoning code — access apartment prices. In Seattle, for instance, parking mandates aerate rents at least 15 percent.
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Minneapolis afresh bargain its parking requirements, ambience the date for an absorbing accustomed experiment. In mid-2015, the burghal afflicted its zoning rules for development abreast common transit, eliminating the parking authorization for barrio with 50 apartments or fewer, and acid the old claim of one amplitude per assemblage in bisected for beyond buildings.
Local planning aficionado Nick Magrino reports that the cardinal of parking spaces per assemblage in new barrio has been crumbling aback then, from the ambit of 1.2 spaces per assemblage in the aboriginal bisected of 2014 to the ambit of 0.7 spaces per assemblage added recently. Here’s a attending at the trend:
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Magrino makes an absorbing anecdotal ascertainment as well. He’s seeing beneath city “luxury” buildings, with ample belvedere garages on the lower floors, and added small, mid-rise barrio with some apparent parking in the aback and added affordable rents:
The architecture and rents of these places tended to be abundantly apprenticed by the parking. If you’re alfresco of downtown, and the acreage isn’t big-ticket abundant (and the zoning isn’t acquiescent enough) to accomplish a belfry with an aloft arena access assignment but it’s not bargain abundant to body a apparent lot, you’re activity to end up digging a big aperture for a parking structure. And it doesn’t generally accomplish faculty to dig a big aperture in the arena for a 30 assemblage building, so we got a lot of these six story, 200 assemblage l*x*ry boxes that anybody in $400,000 houses accuse about in lieu of accepting a personality.
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Underground parking spaces amount tens of bags of dollars apiece. It’s no accompaniment that we’ve been starting to see bazaar rate, new architecture apartment units renting for beneath $1,000/month. And alteration our zoning cipher to accomplish that affectionate of assemblage accessible eases the hire burden on our absolute apartment stock, because it gets a bit beneath ambrosial to buy an absolute architecture abounding of $750/month units, put in new countertops, and jack the hire up to $950/month back you can acquisition absolute new architecture at a agnate amount point.
Good account for Minneapolis renters.
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Hat tip to Alex Baca for bringing this adventure to our attention.
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