Parking Requirement Impacts on Housing Affordability /

To provide housing that can be purchased at $80,000 per unit (for a monthly mortgage of about $700, the maximum recommended house payment for a family earning $30,000 annually), a subsidy of only $4,000 would be needed if no parking is required, a $12,792 subsidy is required for one parking space per unit, $26,251 for two parking spaces, and $51,376 for three (based on Table 5 values). [...] The results suggest that if the retail price is increased to include the costs of additional parking spaces, the higher price does not fully reflect the cost to the developer of providing those parking spaces. [...] Assuming that residential parking spaces cost $800 per year, parking costs add 21% to vehicle costs for an average income household, and 27% to the cost of a lower-income household. [...] Parking management involves both government agencies (which allow more accurate and flexible minimum parking requirements, and enforce parking management agreements) and building developers and managers (which develop and implement parking management programs). [...] These surveys indicate that, for the 33 buildings studied, only 54% of the available parking spaces were occupied during peak periods, and if these buildings had the number of parking spaces required by current minimum parking requirements (based on a standard of 1.5 parking spaces per unit), only 46% of those parking spaces would be occupied.