In our business, a parking shortage is good thing - a very good thing. That dirt lot that you thought was worthless 10 years ago suddenly is the talk of the block. This recent article reiterates that finding a place to park is not only going to get harder, but when the city is adding incentives NOT to include parking for a new development, you can bet parking rates are going up too.
Can’t Park? Blame a Condo
By MARC SANTORA NY TIMES
Ever since the car muscled out the horse and garages supplanted stables, New York City has had a conflicted relationship with the automobile. In recent years, the car has been on the losing side. Whether it is the addition of bike lines or pedestrian plazas, a push for congestion pricing or rising tolls, the once-exalted automobile is under siege.
In Manhattan the car faces yet another threat, as parking lots and garages are being snapped up to make way for all sorts of development, especially luxury condominiums. In most cases, the lost public spaces are not replaced, because zoning rules discourage developers from adding parking to new residential buildings.
The spaces that do get built are likely to be in luxury condominiums — and to go to the highest bidder.
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