Why Cities Are Getting Rid of Decades-Old Parking Rules
Published On Jan 12, 2025, 5:00 AM
Many cities in the U.S. are reducing or eliminating parking space requirements for new housing developments. This policy shift is aimed at increasing housing availability and reducing car dependency in urban areas. Some cities, like Austin and New York City, have already enacted these changes. While proponents advocate for the benefits of more housing and improved walkability, there’s significant pushback from residents who fear increased traffic congestion due to fewer parking spots. Early evidence suggests that this policy may lead to more housing being built, but it is still too soon to gauge the long-term effects.
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As urban development shifts towards reducing parking requirements, companies involved in real estate development and construction may see an increase in opportunities and projects. This could benefit real estate investment trusts (REITs) focused on residential properties, particularly in cities implementing these changes.
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