Mayor Adams wants to stop requiring off-site parking for new buildings to reduce the costs of construction as part of the ‘City of Yes’ package of zoning reforms.
As part of New York City Mayor Eric Adams’s ambitious package of zoning reforms, the city is proposing eliminating parking requirements for new buildings to reduce construction costs and, subsequently, housing costs. “Adams said that each parking space adds about $67,500 in construction costs,” explains Julianne Cuba in Streetsblog NYC.
According to David McCarty of Alloy Development, “More projects become financeable and more units get built. The only way to address affordability is adding a lot more supply into the market.” Cuba points out that housing costs are largely driven by demand, but construction costs can add to the price of new units. “And so eliminating the requirement will help reduce that burden by removing the extra cost so that housing for people — rather than cars — can be built, experts say.”
The proposed zoning change will have to pass through the city’s Uniform Land Use Review Procedure, with a final vote next fall.
FULL STORY: Analysis: Everyone Agrees — Less Parking Means More Housing
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