01-11-2017, 03:01 PM
If it did go like that (and it seems like a good rough guess, given the facts that we know: reduced height, reduced number of units, reduced parking as measured by spots per unit but not spots per bedroom), then it’s not solely the market determining the number of larger units. The parking requirements have a lot to do with it.
Developers should be free to build whatever number of spots the market requires. If they think they can market a four bedroom, 1800 square foot unit to a family who only needs one spot, they should be allowed to build and market that unit. If they think they can market it with no spots, likewise.
Some of the math on costs and unit pricing here makes sense, and I know that smaller units are more profitable. But spaces in a parking garage can be tens of thousands of dollars each, and if developers think they can avoid that cost, and sell units without spots included, that seems good for everyone involved.
Developers should be free to build whatever number of spots the market requires. If they think they can market a four bedroom, 1800 square foot unit to a family who only needs one spot, they should be allowed to build and market that unit. If they think they can market it with no spots, likewise.
Some of the math on costs and unit pricing here makes sense, and I know that smaller units are more profitable. But spaces in a parking garage can be tens of thousands of dollars each, and if developers think they can avoid that cost, and sell units without spots included, that seems good for everyone involved.