05-15-2016, 03:36 PM
(05-15-2016, 03:18 PM)MidTowner Wrote: They'd probably build no more parking than people are willing to pay for. It would be pointless to market units without parking if no one would buy them. If lack of parking would prevent a unit from being sold, the developer will build parking for that unit.Right now they could get away with selling units with no parking ten years, I'm more concerned that in 10 years there will be an oversupply of housing without any parking attached as people for one reason or another need parking which would lead to people fleeing to new housing units in the surrounding area and over inflating housing prices in town, kind of what toronto is experiencing.
I know carshares may help relieve some of the stress but most demand would be in and around rush hours making it difficult for car shares to affordably be able to expand with the demand.
I know the intent is to lower condo prices but they aren't priced as cost + profit, more what they can market it as. The discount might be $20k currently but if it became the norm that units would be sold without parking I can see the discount moving towards $5-8k and the cost to purchase a spot still $20k so the developer will make more, people living in the units would end up paying more.