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The True Cost of Parking in Philadelphia
In a study, Kevin Gillen looks at how much Philadelphia residents value parking. Jake Blumgart writes, "Gillen took house and condo sales across Philadelphia and compared the prices of units that come with garages or other forms of parking and those without. [...] Gillen found that the average difference between a home or condo with a parking space and one without is between $18,000 and $28,000."
"Gillen found a parking space within a mile of City Hall adds around $60,000 to its value (8 percent for houses, 14 percent for condos)."
Of mandatory parking minimums, Gillen warns that "Forcing developers to build more parking spaces when they build housing could put the brakes on new units, especially those that are more affordable for middle-to-working class people."
Amid a healthy market for development, Philadelphia is experiencing its share of controversy over parking. Says Gillen, "The logical response is that if people are placing an actual dollar value on something, but they are getting it for free, then you should charge them for it. [...] We should be charging in the neighborhoods where demand exceeds supply of free on-street parking. How politically possible or palatable is that? I imagine it would meet with enormous resistance."