land use
How Free Is Your Parking?
Fri, 11/06/2009 - 10:57am | by midesThere is no such thing as a free lunch, and there is no such thing as free parking. Providing parking requires land, and land requires revenue to pay for its rent. Basic economic theory would have developers providing parking up to the point where revenue raised by last the car park equals the value of the next best land use alternative.
Minimum Parking Requirements (MPRs), by definition, force developers to provide parking above this economically efficient level, which raises development costs, subsidizes private automobile transport over other modes such as walking, cycling and public transport, and provides incentives to develop at low densities, encouraging sprawl.
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