Learn how changes to minimimum parking requirements could benefit Denver development of affordable housing.
in the state spend over one-third of their pretax income on rent or mortgage payments. That means they pay more on housing, as a percentage of their income,The cost of providing parking – borne by developers and passed on to residents – helps push prices up.
Parking minimums may be, according to Denver’s Community Planning and Development office. Off-street surface parking, though cheaper to construct, requires dedicating valuable urban land to parking lots.This is a surprisingly high-impact result for a single, relatively simple policy change. We published our findings as a white paper with the Rocky Mountain Land Use Institute in July. In August,state mandates infringe on local government prerogativesParking requirements are often determined by a formula. Based in part on an outdated view that modern cities should be car-oriented, cities around the country, including Denver,Land is expensive in high-demand cities like Denver. Dedicating part of a building’s footprint to parking imposes both a direct cost – because developers must pay to build the parking – and an indirect cost, because it leaves less space for housing. These development costs are passed along to renters and owners, decreasing affordability.expected to be built in multifamily, market-rate rental developments in Denver in one year. It then allows for a comparison of possible outcomes based on changing policy assumptions.The type of development and corresponding number of units that are likely to be financially feasible. The probability that parcels might actually be developed in the future based on a statistical analysis of historical Denver development data., we modeled 75 scenarios. They included five potential parking policies tested across five economic environments and three sets of assumptions for developer-driven parking inclusion.Our prediction that eliminating parking mandates in Denver could result in approximately 460 additional multifamily units per year is based on three assumptions:Voluntary construction of 0.5 spaces per unit near light rail and 1.0 spaces per unit away from light rail.for more economically productive uses and for desired civic infrastructure such as sidewalks or green space. Developers freed from building parking are also more likely to invest in” forms of housing, such as duplexes or triplexes. These forms of housing provide “gentle density,” meaning they do not significantly alter neighborhoods but still make them more affordable for lower- and middle-income people and increase the city’s overall housing supply. It can also allow for the adaptive reuse of historic buildings that may have been built before the city required on-site parking.Susan D. Daggett is a professor of the Practice of Law at the University of Denver and Stefan Chavez-Norgaard is a teaching assistant professor of Public Policy at the University of Denver.If you value independent journalism, please consider making a contribution to support our continued coverage of essential stories and to investigate issues that matter.
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