With parking spaces for new development in Los Angeles costing $30,000-$60,000 each to build, many city planners would agree that removing parking requirements from transit-rich areas is good for housing production and sustainability—at least in concept. Recent legislation proposed in the California legislature, like AB 1401, would de-regulate parking requirements for new development near transit and allow developers to determine the number of spaces to provide. So what are the implications for housing development in Los Angeles? Rather than prohibit parking or setting parking maximums, if the goal is to provide planning flexibility and possible cost savings to lure private developers to build more affordable housing, wouldn’t ‘lighter’ parking regulations be the way to go?
Such proposals have their critics, and not only from neighborhood advocates concerned with traffic, inadequate parking, and overflow parking. A number of affordable housing advocates have raised concerns that such proposals may undermine affordable housing production, since parking reductions are often offered to private developments that incorporate affordable units through the State Density Bonus program and L.A.’s Transit Oriented Communities Program. Local governments also worry that decreased private sector participation in affordable housing development may impact their ability to achieve State-mandated affordable housing production targets—which have increased significantly; current levels of public subsidies are inadequate to fund the number of units needed, increasing cities’ reliance on leveraging privately-subsidized mixed-income development.
Join us for a lively discussion of the pros, cons and other perspectives on parking policy, zoning requirements and lenders’ points of view on the subject of parking for LA’s new mixed-income and affordable housing developments.
Eliminating Parking Requirements:
Does it Help or Hurt Housing?
Wednesday, September 22, 2021
12:00 – 1:00 pm PT
Via Zoom – RSVP Required
Go to WestsideUrbanForum.com