Grubb Properties CEO, Clay Grubb, frequently states, “Parking is the enemy of essential housing.” Clay recently expanded on this sentiment in an article for the Spring 2023 issue of Dialogues, a publication from the National Association of Real Estate Investment Managers (NAREIM).
In the article, Clay outlines the severe housing crisis currently facing the U.S. and explains how the American obsession with parking exacerbates it. By mandating space for parking, local governments not only burden developers with higher costs -- often passed on to residents in the form of higher rents – but also limit the space that could be used for much-needed housing.
The good news is that the situation is beginning to change. As more turn to bikes, ride-sharing and public transportation, city governments are beginning to relax parking requirements. This shift offers developers like Grubb the opportunity to build more units at lower cost. And even in car-centric suburban areas, creative solutions are emerging that shift space from housing cars to housing people. As Clay states in closing:
“There is little doubt in our minds that there will be expedited change in the parking landscape in the next five to 10 years. More and more people will realize that reducing parking is good for residents, neighborhoods and the environment. It can enable more people to afford new, high-quality housing in areas with easy access to jobs and educational opportunities, saving them time and helping them prosper.”
To read the full article, click here.