What's causing underground parking spaces to go for $160,000 in Beijing? Quartz reports that demand, narrow roads, resident disenfranchisement and old zoning law give developers the upper-hand.
Gwynn Guilford writes of $100,000 parking spaces commonly found in Beijing. Underground parking contributes to China’s real estate speculation, led by “greedy property developers” and growing demand for automobiles. The article stresses that two variables account for why Beijing has some of the world’s most expensive parking spaces: growing car ownership and lack of proper legal knowledge and enforcement means residents pay exorbitant rates—perhaps on parcels they already own.
Thee real backstory here, according to Guilford, is that: “Zoning plans haven’t kept up with Beijing’s embrace of car culture; many slightly older developments were designed without allotting ample parking spaces," and on-street parking is rarely permitted.
The issue is more nuanced: “Beijing has among the lowest ratio of roads per overall land area of any major metropolis in the world…“ and with a population of 7.5 million cars—or a car for every 2.5 residents—private parking is prioritized. While the government vows to reduce a million cars by toying with the license plate lottery, that impending policy has created a "car buying surge" and with it, a "parking spot bubble" in real estate. Values even 30 miles from Beijing’s core cost more than the car itself.
Guilford details further Chinese property laws and elaborates on why residents are willing to pay inflated rents. This, she writes, is due to lack of knowledge about property law or the legal channels to enforce the law, meaning that developers contribute to the scarcity and exact skyrocketing prices “…for a parking space that [residents] legally own.”
Arizona’s ‘Car-Free’ Community Takes Shape
Culdesac Tempe has been welcoming residents since last year.
4 Ways to Use AI in Urban Planning and City Design
With the ability to predict trends, engage citizens, enhance resource allocation, and guide decision-making, artificial intelligence has the potential to serve as planners’ very own multi-tool.
Oregon Town Seeks Funding for Ambitious Resilience Plan
Like other rural communities, Grants Pass is eager to access federal funding aimed at sustainability initiatives, but faces challenges when it comes to meeting grant requirements.
LA’s ‘Spongy’ Infrastructure Captured Almost 9 Billion Gallons of Water
The city is turning away from stormwater management practices that shuttle water to the ocean, building infrastructure that collects and directs it underground instead.
‘Culinary Hubs’ Turn Homes Into Micro-Restaurants
Real estate developers around the country are converting old single-family homes into “culinary hubs,” reports The New York Times.
Indiana Once Again Considering Ban on Dedicated Transit Lanes
The proposed legislation would impact the construction of planned IndyGo Blue Line, the third phase of the city’s bus rapid transit system.
City of Grand Forks, North Dakota
HUD's Office of Policy Development and Research
Harvard GSD Executive Education
City of Laramie, Wyoming
Colorado Department of Local Affairs
Lassen County Planning and Building Services
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.