Parking Is a Money Pit, Manville Says

Associate Professor of Urban Planning Michael Manville spoke to The Real Deal, a real estate news site, about a Los Angeles Planning Commission proposal to eliminate required parking spaces in new downtown housing developments, with the goal of creating more room for housing and decreasing the number of cars on the road. Manville said this policy is in line with cities such as San Francisco and Portland, which have begun easing downtown parking requirements. If eliminating parking requirements becomes the standard, business would improve for developers, he said. “As a conservative lender – and most institutional lenders are conservative – you might not loan on something that’s not the market standard,” he explained. But a developer with non-institutional funding who builds housing without parking spaces would spur more of this kind of development, he said. In the long term, eliminating parking requirements would lower the cost of development because “parking is a money pit,” Manville said.


 

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