Tuesday, September 10, 2013

From Grist — Parking Rules Raise Your Rent

City requirements for off-street parking spaces raise rents. They jack it up a lot at the bottom of the housing ladder. Proportionally speaking, the bigger the quota and the smaller the apartment, the larger the rent hike. For one-bedroom apartments with two parking places, as is required in places including Bothell and Federal Way, Wash., as much as one-third of the rent may actually pay for parking. A flotilla of studies supports that claim, but first, a case study of residential real estate development may illuminate how critical parking is to the affordability of housing. Read More: Parking rules raise your rent | Grist

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