The year 2016 was an eventful one for home building.
Cities Free Up Land That Was Set Aside For Parking
After 70 years of almost continuous growth, the rate of parking spaces per bedroom for new construction has been on the decline since 2012.
Redfin reports that cities such as Los Angeles, Seattle, and New York City are ditching old policies that required large amounts of land set aside for parking. Now these cities let builders decide how much parking to provide.
History shows that when minimum parking requirements are removed, a good thing happens: builders make more housing, and the cost of construction goes down. In downtown Los Angeles, 6,000 new homes were built shortly after the parking minimums were relaxed, something that would have been illegal under the old parking rules.