The Curious Case Of The Condo Parking Waiver

In Portland Oregon, where minimum parking standards in the central city were removed six years ago, more and more developers are designing buildings with restricted parking. By doing so, the cost of units can decrease substantially. San Francisco has recently required downtown developers to "unbundle" the price of parking from the price of the condo so that the buyer can see the "true cost" of the unit. Often times, one space can cost upwards of $40,000.

"Sustainable development is not the only factor driving changes to parking standards. We talk about affordable housing as the most critical thing facing cities and the nation, but we never talk about the costs of the automobile. Since individual parking spaces cost about $40,000, reducing or eliminating parking is an effective way to lower housing prices."

While this lowering-of-parking-ratio trend is occurring in big cities, what is taking place in the suburbs? Often times, according to the author of this article, developers can offer an advantage by providing more parking. 'It gives them a marketing advantage,' said Victor Gonzalez, director of development for Monahan Pacific, a local company that has built condo properties downtown. 'You'd be killed if you tried to do a project in the suburbs without parking.'"