I think even people advocating for required parking would concede that it adds to construction costs and reduces the total amount of housing available—but they’d presumably argue that there are other benefits offsetting those negative effects. This chart says nothing about what those benefits might be or whether the tradeoffs are worth it.
Omaha having a 5.3% population gain from 2017 to 2022 vs a 3.7% population gain in Minneapolis also probably plays a role as well... Yet Omaha was second most productive on creations on the left, and still prices increased rather than diminished.
I would bet some of those places have land cheap enough that the parking costs almost nothing
It feels awkward to reference California but California isn't shown in the graph.
What?
We have so many fucking luxury apartments in Seattle, it's insane. Also, tons of people that could afford those luxury apartments were laid off. This is one fucked up chart.
I agree there’s missing context.
There’s a few other places that I can think of which have a lot of “new dwellings” built, even without parking, but local rent is unaffected because the type of dwelling is simply undesirable - for either financial reasons (luxury apartments are too much money) or practical (I have 2 kids and can’t live in a 1 bedroom + den - or they’re distant from work, no transit, and there’s no parking) or personal (I have 2 kids and don’t want them to grow up in the pollution etc. of a downtown core).
There is not a simple solution to this problem.
If people are willing to pay for luxury apartments that says there are not too many. Let me know when more than 20% are empty. If it is less than 20% empty but more than 5% that is a good thing: it means that people who want one can find one, less than 5% and finding an apartment is too hard. The economy has ups and downs all the time which is why 20% is still okay, since when things come back those will get filled.
All new apartments are luxury. People who want/need cheap apartments are looking for something 50+ years old that has had the minimum remodels done since those are always much cheaper for the same size. Building an apartment is expensive and that needs to be paid for by adding some (relatively cheap) features that are luxury today.
If people are willing to pay for luxury apartments that says there are not too many.
They keep them empty to keep the prices up. They also price fix and have been caught. I'm sure they've figured out a way around the laws and do it anyway.
I just moved to Minneapolis last year. Rent is still outrageous. It is nice to see that it’s improving something but it is hands down the most expensive and competitive place I’ve ever had to apartment shop. Our 1 bedroom 1 bath apt for $1500/mo hit the market and was rented within 4 days by one of the 7 groups who immediately booked a tour. Progress is something though
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