Developers Are Cutting Out Garages, Making Apartments More Affordable
Some developers around the country are opting not to build parking spaces in their new projects, hoping to avoid the parking nightmares best-known throughout S.F. and NYC.
And as local authorities seek to encourage the use of mass transit, the elimination of parking lots in new developments has become increasingly popular, the Wall Street Journal reports. In San Diego’s Little Italy, developer Jonathan Segal shocked residents with his plans to build an eight-story, 35-unit apartment complex without parking spaces.
But Jonathan argues the lack of a garage makes the units more affordable. “It’s the future. There’s a strong demand for people who want to rent units that are efficient,” he told the WSJ. He estimates rents in the new building will be around half of comparable apartments nearby, mostly due to the lack of a parking garage. [WSJ]