According to new research from NYU’s Furman Center for Real Estate and Urban Policy, parking minimums are a major factor in driving up housing costs in the city. The report, entitled “Minimum Parking Requirements and Housing Affordability in New York City,” quantifies the effect of parking minimums on housing prices:
Academics have long understood how city-mandated parking can increase the cost of housing. If developers can turn a profit on parking, they’ll build it themselves. Any additional parking built because of a mandate is a money-loser (at least compared to the additional housing that might be built in its place), the cost of which must be borne by tenants and buyers. Housing advocates, too, have argued that requiring more parking drives up housing costs.
-Parking Minimums Make NYC Housing More Expensive, NYU Report Finds- streetsblog
The study looked at every large market-rate residential building completed in Queens between 2000 and 2008, comparing how much parking was required by zoning to how much was actually built. 18 of the 38 buildings studied had exactly the minimum, 4 had less than required (zoning variance), and only 5 had more spaces than the minimum. This suggests that the parking minimum is a binding regulation.
Read the full article here: Parking Minimums Make NYC Housing More Expensive, NYU Report Finds