California Relaxes Parking Mandates to Free Up Multifamily Development—But Will Neighbors and Lenders Approve?
While 100 percent in favor in lifting parking mandates, and eager to create vital, pedestrian-oriented places that help reduce sprawl, McElyea knows from experience that the shift won’t be easy.
Publication Urban Land, urbanland.uli.org, takes a closer look at the recent legislative steps toward housing regulation and local control; specifically, Assembly Bill (AB) 2097, which removes minimum parking requirements for housing developments within one-half mile of a major transit stop.
As noted in the article, prior to this long-sought legislation, developers could be required to provide a least one parking space per tenant. Thus, impacting the cost and timelines of building, and likewise increased rents and mortgages. The article explains that the new law does not forbid parking, but simply gives developers the option. However, their decision on the matter may still face resistance from the community and lenders.
Contributing to the piece, Ethos Real Estate Managing Partner Jennifer (McElyea) Keith weighs in from her experience, noting that a shift won't be easy.
Quoted in the article, Jennifer commented, "There is a huge pushback from community groups on projects without parking,” she says. “And lenders are resistant to funding them.”
Jennifer shared details on the decision to proceed with one parking spot per housing unit at Ethos project, Crenshaw Crossing.
Ethos Real Estate is currently developing Crenshaw Crossing, which had the option of providing no parking, but neighborhood concerns contributed to a decision to include one space per dwelling unit.
Read the full article here.