How Autonomous Vehicles Will Steer Toward A Building Boom
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Autonomous vehicles will soon change the face of U.S. real estate, causing a building boom.
As self-driving cars become more commonplace, the vast majority of parking spaces and garages will no longer be necessary, which means developers will have access to a slew of available land in urban centers, Bloomberg reports.
It also means that street parking could be replaced by bike lanes and wider sidewalks, leading to the creation of more walkable cities like New York.
But urban development is not the only thing expected to experience a major change. Suburbs are also likely to see an infusion of development as people become more willing to live farther away from their workplace because they no longer have to drive themselves to and from the office, Bloomberg reports.
Driverless cars could also result in a decline in assisted living facilities, as seniors will be able to stay independent for longer periods of time.
While there is no established time as to when these scenarios could play out, a study by the Regional Plan Association claims cities like New York will not feel a change in land use planning until 2040, meaning there are at least a few more decades to prepare.