Doing some deeper research today on this: Any guesses on how much it costs a #SiliconValley #developer per parking space for #parking in a new development? @thehardask @monicamallon @ThinkBiggerSJ @michaelknorris @Britt_AIA @MHuttenhoff @ShilohBallard @alevin @suj_citystudies?

1) When developers design projects, they take into account tradeoffs. For instance, they can often provide #morehomes if they don't (have to) build more #parking. Or they can build less parking if they can encourage folks to get around using other ways.

2) In 2020, let’s say you're a developer opening up an #affordablehousing building with 200 residents. You expect the building to last 50 years. It's w/in a ½ mile walking distance to @VTA light rail station outside Downtown #SanJose.

3) You have the option of building more parking OR providing every resident of your new building VTA #transit passes. @VTA passes allow residents to ride VTA #buses & #lightrail for free. VTA charges you $124.25 per person per year. https://www.vta.org/sites/default/files/2019-10/2020%20SmartPass%20Fares.pdf

4) Alternatively, let’s say you operate 15 #affordablehousing buildings of 200 residents each. Providing @VTA #transit passes for your 3,000 residents drops the cost to $41.50 per person per year!

What’s the comparison to providing more #parking?

5) Acc. to the nonprofit @TransForm_Alert: Above-ground #parking structures in the #BayArea can cost a developer $50,000 per parking space to build & $175 per space per month to maintain. That’s $105k in cost over 50 years.

6) @TransForm_Alert finds underground #parking can cost as much as $80,000 per parking space to build & $200 per space per month to maintain.

7) So if the developer built only one 1 less above-ground #parking space in your 200-resident project, that's a savings of $50k in construction + the $105k in maintenance costs over 50 years to give every resident a free @VTA #transit pass for roughly 6 years & STILL save money.

8) Let’s say you built 5 less #parking spaces. You could give every resident a free @VTA #transit pass for roughly 30 years & STILL save money. #morehousing #lessparking #mobility #peoplefirst

9) Unknown variables - a) the rising cost of transit passes from inflation; b) additional revenue you might receive since the space you were going to use for parking can instead be used for revenue-generating functions such as rent from an extra bedroom or a retail business