"There is shortage of over 106,000 homes across Colorado, according to a recent study by the Colorado State Demography Office. Nearly 90% of the lowest-income households in the state spend over one-third of their pretax income on rent or mortgage payments. That means they pay more on housing, as a percentage of their income, than is considered affordable. The cost of providing parking - borne by developers and passed on to residents - helps push prices up."
"Structured parking can cost as much as US$50,000 per parking space, according to Denver's Community Planning and Development office. Off-street surface parking, though cheaper to construct, requires dedicating valuable urban land to parking lots. We are a law professor and urban planning scholar who worked with data scientists at the Terner Center for Housing Innovation to model how parking requirements affect the development of multifamily residential housing in the city and county of Denver."
Colorado faces a shortage of more than 106,000 homes. Nearly 90% of lowest-income households spend over one-third of pretax income on rent or mortgage payments, exceeding affordability standards. The cost of providing parking is passed to residents and raises housing prices. Structured parking can cost up to US$50,000 per space, while surface lots consume valuable urban land. Modeling indicates that cutting minimum parking requirements in Denver could increase multifamily housing construction by about 12.5%, roughly 460 additional homes per year. Several cities including Boulder, Longmont, Austin and Minneapolis have abolished parking minimums. Colorado removed parking minimums near transit hubs in 2024.
Read at Streetsblog
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